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Ai0#V
f
gQ
w^tfLEA5
- f t a ® tii,
sE^rar
d'y^
1952
*5 ^
3
/
I'
iHiOMMDUll I’Ull lllE~TTm^ *
Xn answer to inquiries, U. E. Baughman, Chief of the U. S* Secret
Service, ^flafluwv DcpoiHmi«»^
'that plans have been completed to
protect the President-elect when the results of^
are definite«
J election
Such protection is authorized by Title IB, U* 3« Code, Sec
tion 3056, which also provides for protection of the President, the members
of his immediate family, and the Vice President at his request*
Two groups of Secret Service Agents have been umwfulfry selected to
be near each of the candidates on November 4, but no contact will be made
by the Secret Service with either candidate until the results of the
election are known, Chief Baughman said*
One group of agents in Springfield, 111*, will be in charge of
Inspector Russell Daniel* The other, in New York City, will be in charge
of Inspector E. A. Wildy. Both Daniel and Wildy are Secret Service veterans
and members of Chief Baughman*s headquarters staff*
Seme of the agents in each group have served on the regular White House
Detail, and all have had experience and training in security and protective
techniques*
MAs soon as we are sure which candidate is the President-elect," the
Chief explained, "we will consolidate the two groups of agents to furnish
protection for him. The combined detail will then work under the direction
of James J* Rowley, who is now Special Agent in Charge of the White House
Detail* Under this plan, the President-elect will have essentially the
same degree of protection as we provide for the President."
For obvious security reasons, the number of agents assigned to the
White House Detail and to the President-elect is confidential, Chief Baughman
added.
TREASURY DEPARTMENT
Information Service
WASHINGTON,
2
RELEASE AFTERNOON NEWSPAPERS,
Monda y ? November 3 , 1952.
Sr3215
In answer to inquiries, U. S. Baughman, Chief of the
U. S. Secret Service, said today that plans have been completed
to protect the President-elect when the results of Tuesday’s
election are definite.
Such'protection is authorized by
Title 18/ U. S. Code^ Section 3056 / which also provides for
protection of the President, 'the memoers of his immediate xamily,
and the Vice President at his request.
Two groups of Secret Service Agents have been selected to
be near each of the candidates on November 4, but no contact ^
will be made by the Secret Service with either candidate until
the results of the election are. known, Chief Baughman said.
One group of agents in Springfield, Illinois, will be in
charge of Inspector Russell Daniel.
The other, in New York City,
will "be in charge of Inspector E. A. wildy.
Both Daniel and
Wildy are Secret Service veterans and members of Chief Baughman s
headquarters staff.
Some of the agents in each group have served on the regular
White House Detail, and all have had experience and training in
security and protective techniques.
"As soon as we are sure which candidate is the President
elect,'1 the Chief explained, "we will consolidate the two^
groups of agents to furnish protection for him.
The combined
detail will then work under the direction of James J. Rowley,
who is now Special Agent in Charge of the White House Decai3..
Under this plan, the President-elect will have essentially jfthe
same degree of protection as we provide for the President,.
' For obvious security reasons, the number of agents assigned
to the White House Detail and to t h e •President-elect is con
fidential, Chief Baughman added.
0O0
Comparison of principal items of assets and liabilities of national banks - continued
(in thousands of dollars)
Sept. 5,
1952
Oct. 10,
June 30.
;
*
1952
;
1951
Increase or decrease ¡Increase or decrease
since June 30. 1952 :since Oct. 10. 1951
¡Percent
¡Percent : Amount
Amount
LIABILITIES
Deposits of individuals, partner
ships, and corporations:
2.90
Demand....... ............. $53,075.8*5 $52,23^,586 $51,573,292
$841,059
1.61 $ 1 ,1*97.353
6.82
Time.......................
20,905, *+23 20,720,190 19.571,1*50
.89 1.333,973
1*5,233
2.65
-865,252
Deposits of U. S. Government....
2,731,001*
-23.58
72,520
3 ,668,776
2,803,52^
8I .63
Postal savings deposits.........
561
I*.27
6,155
7.5!*o
13.695
13,131*
Deposits of States and political
subdivisions..................
-5.72
1*61,973
5 ,1*13,1*62
6,231,989
*.53
-356,55!*
5,875.^35
-2.28
8,657,187
Deposits of banks...............
.81 -201,832
69,882
8,859,019
8,587,305
Other deposits (certified and
5.18
cashiers1 checks, etc.).......
1,172,936
-23.52
57,71*6
1,115,190
..... -360,771*
1,533,710
y S T
Total deposits....... .....
-485)¿¿5
92,^97690
-.52 3 ,227,888
92.503,8^5
*9,275,957
Bills payable, rediscounts, and
other liabilities for borrowed
1*2 ,01*6
money.........................
148,910
1 ,069,23s
618.04
920,328
1 ,027,192 2443.02
Other liabilities...............
12.80
1.18
1 .613J 65
1,632,851*
19,089
1.1*1*7.511 .
1*5.343
Total liabilities, excluding
560,436
9^,6^5,501
capital accounts.......... 95,205,937
90,*72,37*
•59 1*,333,559
i*.77
CAPITAL ACCOUNTS
Capital stock:
12,062
Preferred.... ................
-5U
-1*7.61
-.85
,
6,373
6,319
-5.71*3
Common.......................
2 ,201.602 1/2,197,093
.21
i*.509
l3l.ol*7
2.070.555
6.33
Total.....................
2.207.921 ^ / 2 ,203,)-g
2.082.¿17
.20
67o2
125,304
____ .**.1*55
Surplus.........................
21,2!0b
,3, i n , 879
'3,197,085
T7®Tt550
— $ r
179,535
5.95
Undivided profits...............
1/ 1 ,252,51^
1,286,764
.74
1+3,805
3.50
9,5*5
Reserves........................
"•llllgl ____ 28* . m
2.242
270.007
.*5
-3,591
-1.33
Total surplus, profits, and
reserves...................
4.06
‘K 759.850 ^>*.692,597.
l*.57l*.321
67.253
1.1*3
185.529
Total capital accounts.......
i .o 4
i* .6 7
6.656.938 __ _____ 71,70*
6,967.771 _ 6,896,063
310.833
Total liabilities and capital
accounts................... 102,173.708 101.51*1 ,561*
.62 1*,61*1*.392
632.144
l*.76
97.529.316
RATIOS:
Percent
Percent
Percent
U.S.G-ovH securities to total
assets......... ...............
3>*.2l*
3^.17
3Ml
32.67
32.16
NOTE: Minus sign denotes decrease.
33.06
Loans & discounts to total assets
Capital,
accounte
-to total
Aepoaite
7-53
T -U2
"7-A6
- - --
1J
Revised.
/ . . ./ ..
„
_
. .TV-JLii
Statement showing comparison of principal items of assets and liabilities of active national banks
« as of September 5, 1952, June 30, 1952, and October 10, 1951
(in thousands of dollars)
Sept. 5,
1952
June 30»
1952
Oct. 10,
1951
:Increase or decrease : Increase or decrease
: since June 30. 1952 : since Oct. 10. 1951
JPercent
Amount
:
Amount
:Percent
^20
-.IS
-5
Number of banks............. .
■,* •»
*» 1
ASSETS
$146,888
.96
Commercial and industrial loans $15,509,761+ $ 15,362,876 814,901,392
158,235
2.02
7,848,650
8,006,885
Loans on real estate..........
7,1+19,939
4,406,036
i+,330,366
5 ,027,71+2
4.09
Consumer loans to individual#..
197,376
Other loans to individuals:
Single-payment loans of $3,000
1.31
and over................... .
1,515,761+
19,923
1,353,510
1.535,687
All other loans, including
2.24
92.069
3 ,692,778
overdrafts.................
V 107.813
4.199. «82
1.82
614,491
3 V 279,960 -33^ 65^+69
Total gross loans.........
31,773,655
1+95,061
1+12,50*+
.
Less valuation reserves..
•58
2.853
1+97.911+
6II .638
1.84
33.170.1+08
31.361!151
Net loans.............
33.782.w6
TJ. S. Government securities:
31+,971,610 3V 678 ,113 33,847,660
.85
Direct obligations.........
293.1+97
-4.666
-28.40
8,898
U .761
16.1+27
Obligations fully guaranteed
288,831
33,856,558..
•S3
Total Ü. S. securities....
34.983.371
34.69V 5l+0
Obligations of States and
3.06
5,988,321+
5,168,196
177,9^1
political subdivisions.....
5,810,31+3
Other bonds, notes, and de
-2.06
-49,287
2,3l+l+,2Sl+
bentures ...................
2,380,837
2,393,571
Corporate stocks, including
.47
187.240
stocks of Fed. Reserve banks
873
, 179.671...
188.113
1+18.398
,97
Total securities..........
43,504.092 43.085,694 4l.585.262
1,030,036 . 1.35
76.256.102
77.286.138
Total loans and securities.
72.91+6.1+13
-8786
-111,267
1,333,012
Currency and coin............
1,145,096
i.25^35r
12
,
864,033
823,763
6.57
Reserve with Fed. Reserve banks
12,529,551
13,353,311+
-11.27
10.205.615
-1,150,518
.
Balances with other banks....
9.223.1+03
9,055,097
Total, cash, balances with
other banks, including re
serve balances and cash item
-438.022
-1.83
in process of collection....
23.553.5O7 23,991,529 23,420,448
I. 33V. 063
3.10
1 .162,++55
1+0,130
Other ass
1.293.933
.62
632,144
Total
.io’2/iT J ! W ' 1Ô1*54TÎ5o4 97*529,316
621,706
4.08
7.91
14.11
182,177
13.46
507,101+
2,506,305
,85.1+10 ■
2,420,895
13.73/
$608,372
586,946
7.89
20.71
7.72
3.32
1,123,950
2.863
1.126.813
32.18
3-33
820,128
15.87
-36,553
-1.51+
8.1+1+2
1.918,830
V 339 ,725
-187,916
489,281
-168.306
133.059
171,608
4,644,392
.. V I Q —
4.61
5- 95..
-i4.io
3.80
-1.82
. -57
14.76
4.76
2
purpose of purchasing and carrying securities, and to hanks, etc«, amounted to
$5*735*000,000, an increase of 2 percent since June«
She percentage of loans
and discounts to total assets on September 5, 1952 was
32«67 on June
30
in comparison with
and 32« 16 in October 1951*
Investments of the banks in United States Government obligations (including
$12,000,000 guaranteed obligations) on September 5* 1952 aggregated $ 3^»98^,000,000,
which was an increase of $269,000,000 since June, and an increase of $1,000,000,000,
or
3
percent, since last October«
She investments were
compared to 35 percent nearly a year ago«
3^
percent of total assets,
Other bonds, stocks and securities of
$8,320,000,000, which included obligations of States and political subdivisions
of $5,988,000,000, were $129,000,000, or lj percent, more than in June, and
$792,000,000, or 10 percent, more than held in October last year.
She total
securities held amounted to $^ 3*500*000,000, an increase of $^18,000,000 since
June, and an increase of $2,000,000,000 since last October«
Cash of $1,1^5,000,000, reserve with federal Reserve banks of $13»35^*000,000
and balances with other banks (including cash items in process of collection) of
$9,055*000,000, a total of $23,55^.000,000, showed a decrease of $^38,000,000, or
2 percent, since June,
Borrowed money of $1,069,000,000 was up more than $1,000,000,000 since June.
She unimpaired capital stock of the banks on September 5, 1952 was
$2,208,000,000, including $6,000,000 of preferred stock«
Surplus was $3,197*000»^'
undivided profits $1 ,296,000,000 and capital reserves $267,000,000, or a total of
$H,760,000,000.
Sotal capital accounts were $6,968,000,000, or 7«53 percent of
total deposits, compared to 7*^2 percent on June
30«
treasury department
/mriS
Washington» D. C.
for release,morning newspapers
Press Series
if
The total assets of national hanks on September 5» 1952 amounted to more
thp-n $102,000,000,000, it was announced today by Comptroller of the Currency
Preston Delano*
The returns covered the ^*927 active national banks in the
United States and possessions*
The assets were $632,000,000 more than the
amount reported by the U,932 active banks on June
30,
1952* the date of the
previous call, and were nearly $5 ,000,000,000 more than reported by the
^,9^7 active national banks as of October 10, 1951*
The deposits of the banks on September 5 were $92,50°*°°0»000, a &®crease
of $500,000,000 since June, and exceeded by $3,000,000,000 the amount reported
in October last year.
Included in the recent deposit figures were demand
deposits of individuals, partnerships and corporations of $ 53,076,000,000, which
increased $8^l,000,000 since June, and time deposits of individuals, partnerships
and corporations of $20,905,000,000, which increased $185,000,000.
Deposits of
the United States (Government of $2,80^,000,000 were down $865*000,000, and deposits
of States and political subdivisions of $5*875*000,000 were down $357*000,000
since June.
Deposits of banks amounting to $8,657*000,000 increased $70,000,000.
Postal savings were $1^,000,000 and certified and cashiers1 checks, etc., were
$1 ,173*000,000.
Net loans and discounts on September 5, 1952 were $33,782,000,000, an alltime high.
8 percent,
They were $612,000,000 above the June figure and $2 ,500,000,000, or
above the October 10 figure last year.
Commercial and industrial loans
as of the recent call date were $15,510,000,000, an increase of
1
percent since
June, and loans on real estate of $8,007,000,000 were up 2 percent.
Consumer
loans to individuals were $5 ,028,000,000, an increase of k percent, and all other
loans, including loans to farmers, to brokers and dealers and others for the
|
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C.
7I
RELEASE MORNING NEWSPAPERS,
Tuesday, November 4, 1952.
The total assets of national banks on September 5. 1952 amounted
to more than $102,000,000,000, it was announced today by Comptroller
of the Currency Preston Delano.
The returns covered the 4,927
active national banks in the United States and possessions.
The
assets were $632 ,000,000 more than the amount reported by the 4,932
active banks on June 30, 1952, the date of the previous call, and
were nearly $5 ,000,000,000 more than reported by the 4 ,947*active
national banks as of October 10, 1951«
The deposits of the banks on September 5 were $92,500,000,000,
a decrease of $500,000,000 since June, and exceeded by $3,000,000,000
the amount reported in October last year.
Included in the recent
deposit figures were demand deposits of individuals, partnerships
and corporations of $53,^76,000,000, which increased $841,000,000
since June, and time deposits of individuals, partnerships and
corporations of $20 ,905.?000 ,000, which increased $ 185 ,000 ,000 .
Deposits of the United States Government of $2,804,000,000 were down
$865,000,000, and deposits of States and political subdivisions of
$5 ,875,000,000 were down $357,000,000 since June.
Deposits of banks
amounting to $8,657,000,000 increased f70,000,000.
Postal savings
were $14,000,¿00 and certified and cashiers’ checks, etc., were
$1 ,173 ,000,000 .
Net loans and discounts on September 5, 1952 were $33,782,000,OCQ
an all-time high.
They were $612,000,000 above the June figure and
$2,500,000, ObO, or 8 percent, above the October 10 figure last sear.
Commercial and industrial loans as of the recent call date were
$15,510,000,000, an increase of 1 percent since June, and loans on
real estate of $8,007,000,000 were up 2 percent.
Consumer loans to
individuals were $5 ,028,000 ,000, an increase of 4 percent, and all
other loans, including loans to farmers, to brokers and dealers and
others for the purpose of purchasing and carrying securities, and to
banks, etc., amounted to $5 ,735 ,000,000 , an^increase of 2 percent,
since June,
The percentage of loans and discounts to total assecs
on September 5, 1952 was 33-06 in comparison with 32.67 on June 30
and 32.16 in October 1951«
Investments of the banks in United States Government
obligations (including $12 ,000,000 guaranteed obligations) on
September 5 , 1952 aggregated $34,984,000,000, which was an increase
of $289,000,000 since June, and an increase of $1,000,000,000, or
3 percent, since last October.
The investments were 34 percent of
-
2
-
8
total assets, compared t o t35 percent nearly a year ago.
Other bonds,
stocks and securities of $8,'520 ,000,0.00, which included obligations
of States and political subdivisions of $5,988,000,000, were
$129,000,000, or 1-| percent, more than in June, and $792,000,.000,
or 10 percent, more than held in October last year.
The total
securities held amounted to $43,500, 000,000, an increase of
$418,000,000 since June, and*an increase of $2,000,000,000 since
last October.
Cash of $1,145,000,000, reserve with Federal Reserve banks of
$13,354,000,000 and balances with other banks (including cash items
in process of collection) of $9 ,055 ,000,000, a total of
$23,554,000,000, showed a decrease of $438,000,000, or 2 percent,
since June.
Borrowed money of $1,069,000,000 was up more than
$1,000,000,000 since June.
The unimpaired capital stock of the banks on September 5, 1952
was $2 ,208,000,000, including $6,000,000 of preferred stock.
Surplus was $3,197,000,000, undivided profits $1,296,000,000 and
capital reserves $ 267 ,9°°,000, or a total of $4,760,000,000.
Total
capital accounts were $6, 968,000,000, or 7.53 percent of total
deposits, compared to 7.42 percent on June 30 .
0O0
Statement showing comparison of principal items of assets and liabilities of active national
banks as of September 5, 1952, June 30, 1952, and October 10, 1951
(In thousands of dollars)
Sept. 5,
June 30,
Amount
»
-2
0
4,932
1951
IT,9n7
i
1mumber of banks.« »*••••••••••• ___ ±*Z.
Oct. 10,
H
1952
Leerease
10, 1952
¡Percent
ASSETS
.96
$11-6,888
.»'15,362,876 ill},901,392
CoiTimercial and industrial loans $15,509,763
2.02
158,235
7
,
8
1
*
8,650
7
,
1
*
19,939
8,006,885
Loans on real estate.....
197,376
U .09
l*,1*06,036
It,830,366
5,027,732
Consumer loans to individuals••
Other loans to individuals:
Single-payment loans of $3,000
1.31
19,923
1,515,761* 1,353,510
1*535,637
and over ••••. ¡»,..... •*•••*.
All other loans, including
2.23
92,069
3,199,882__ It.107,813 3,692,778
overdrafts ...»*••••*•*•■••••• _______
l
.~82~
W
X
9
T
T 3",65r , W 31,773,655'
Total gross loans........ 33,279,960
1Ôtk 061
.58
Less valuation reserves...
TTSIT
6
ll
“IJ
7
i
7
o
73
oo
31
,
361,151
Leo loans.•«•••«•«•••••., 33,762,035“
U*. S. Government securities:
.85
293.
31*,678,113 33,81+7,660
, 31*,971,610
Direct obligations
28.30
8,898
-3
11,761
16,1*27
Obligations fully guaranteed*
--- 7ST
3E7&Ii,ZïïÔ 33,856,5 5 8 “ ““288
'
31*V983T 3Ti
Total U. S. securities.«...
Obligations of States and
177
5,810,3i*3 5,168,196
5,988,323
political subdivisions••••••.,
Other bonds, notes, and de
-49,287
2,393,571 2,330,837
2,3 4 ,281*
bentures...... ...........•
Corporate stocks, including
873
179,671
187 21*0
188,113
stocks of led. Reserve banks.
410
,
3
96¡97
33
,
5
o
3
,
09
2
43
,
065,694
4
l,
535
,
2
o
2
Total securities...........
i,o3o,o35~~ 1.35
Total loans and securities..
77,266,7735
76,2^ 6,102 72,9lI6,Jj-13
------------------—111,267
Currfency and coin......
.1,lap, 0965
l723o,3o3
l,3i3,012
6.57
12,529,551 12,864,033
823,763
Reserve with Fed. Reserve banks
13,353,314
11.27
10
,
205,615
9
,
223,403
1
,
150,518
Balances with other banks......
9 »055,097
Total cash, balances with
other banks, including re
serve balances and cash items
-338,022
-1.83
23,
.—
553.507
.991,529
3__
,U20Ji*i*8
in process of collection. ••••
—
„— ____23
-^
^____2_
40,130
Other assets...... ......... .... 1>334,663" ___ 1,
Total assets................ 102,173,766 101,531,563 __
,
: Increase or‘ decrease
: since Oct. 10, 1951
:Percent
: Amount
-20
- 3*5~
$608,372
1*.08
586,936
7.91
621,706
i3. n
182,177
13 .1*6
507,101*
2,506,505
13.73
7.89 "
85,i*lo
" 27320X 5 “
20*71
7.72
1,123,950
3.32
32.18
2»863
3.33
820,128
-36,553
8,332
1,9167830
"37339,7 23
-187,916
389,28l
TÜ5l
79V
-U*.10
3.80
168,306
-1.82
133,059
171,1*58“
l*,61}t*.392~~
t o t
-
.57
']Ü7E.
Comparison of principal items of assets and liabilities of national banks — continued
U
(In thousands of dollars)
Increase or dec:rea.se :Increase or dec:rease
;
June 30 * s Oct. 10* : since June 30* 1952 * since Oct. 10* 1951
Sept, 5* :
:Pere ent
iPe:rcent : Amouno
#
1952
:
1951
s' Amount
1952
LIABILITIES
Deposits of individuals* partnerships* and corporations:
2»90
1.61
31 ,1*97,353
:
i5i,578,292
181*1,059
$52*23^*586
Demand.»*.•*••»••«•••«•••• *153*075*61*5
6.82
1
,
333,973
.89
185,233
19,571,1*50
20*720*190
Time a««.«.
»• •• 20*905*423
72,520
2.65
-23
o58
-865,252
2
,
731
,
001
*
3*668,776
2,803*
5
>
2
i
|
.
Deposits of U. S9 Government.8«
81.63
6,155
561
^2 7
7,51*o
13*134
13*695
Fostal savings deposits»<>.•«. •«
Deposits of States and political
8.53
1*61,973
-5.72
5,1*13,1*62
-356,551*
6 ,231,989
5,875,1*35
subdivisions .?>$«•©<>•«•»•♦•****
-2.28
-201,832
«81
69,882
8,859,019
8,587,305
8,657,187
L)0posits of banks
Other deposits (certified and
57,71*6
-23.52
1*115*190
-36o *77U
1,533,710
1,172*936
--■—5.18
^—/tv cashiers? checks* etc»)»*®.«*
3.62
0
*22(,boB
-485*8U5
-»52
5057m - 97 ,909,890 - 59727FPFT
j?O Gab d.6pOSl1^S
Bills payable, rediscounts, and
other liabilities for borrowed
618 «Olt
920,328
1,027,192 2,M 3 « 02
1U8*910
i|2*0l;6
1 ,069,238
12.80
1.18
185,31*3
19,089
1*4^7*511
1*613*765
1,632,85U
Other liabilities•.*••••««•»**•
Total liabilities, excluding
1*.77
It,333,559
560,1*36
90,872,378
.59
9i*,6i*5,501
capital accounts
95,205,937
CAPITAL ACCOUNTS
Capital stock;
-1*7.61
-5,7U3
12,062
-.85
-51*
6,373
6,319
Preferred« .............•. •.
6.33
.21
131,047
It, 509
1/2,197,093
2 ,070,555
2 ,201,602
6.02
125730
U
"
“ 720"
U*U55
— 77207,921 “ T/772037I55— T * O B 2 * 6 X 7
5.95'
21*206
179,555”
.67
5,017*550
3,197,085
3,175,879
.?U
3«
50
9,585
U
3
*
8
o
5
1*286*76U
1/1,252,54
1,296,3U9
Undivided profits
-1.33
2
*
21*2
-3,591
.85
270*007
261*,
1
7
1
*
.
266,1*16
Total surplus, profits* and
U .06
185,529
1.U3
67,253
)*,571*,321
l/!*,692,597
1*.759,850
h.67
310*H53
'7 1 ,7 0 8 " -TToIf
6*896*063 --- 6 * ^ 5 6 ^ W
Total capital accounts.*...» ' 6,957,771
Total liabilities and capital
U*6M*392
U.76
»62
632 ,lUU
97*529*316
101,51*1,561*
102,173*708
Percent
Percent
Percent
RATIOS;
U#S#Govrt securities to total
3U.71
31*.17
NOTE: Minus sign denotes decrease .
32 .I0
32.67
Loans & discounts to total assets
33.06
l/ Revised#
7.U6
7 .1*2
Capital accounts' to total deposits
7.S3
<rp
il
B B 1 M S E S C H E I ® SBiSFAiSiS»
Tuesday, November Uj Ì952»
The Secretary of the Treasury announced last evening that the tenders for
$1#300*000,000, or thereabouts, of 91-day Treasury bills to be dated November 6, 1952*
and to mature February 5# 1953, which were offered on October 30, were opened at the
Federal Reserve Banks on November 3*
The details of this Issue are as follows t
Total applied for * $2,116,288,000
Total accepted
* 1,301,0Q3,000
Average price
(includes $218,008,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
~ 99*51*6/ Equivalent rate of discount approx, 1*7965 per annum
Range of accepted competitive bides
High
Low
~ 99*580 Equivalent rate of discount approx* 1*6625 per annum
- 99*5W*
»
»
»
*
«
1.801*5 *
*
(7 5 percent of the amount bid for at the low prioe was accepted)
Federal Reserve
district_______
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
f
38,675,000
1,2*22*,371,000
2*6,793,000
36.376.000
21.050.000
30 ,867,000
277,098,000
2*2 ,260,000
12,30k,000
52*,056,000
2*8,79k, 000
TOTAL
29,050,000
753 ,121,000
30,51*8,000
28 ,876,000
18 ,325 ,0 00
29,555,000
213,250,000
31*,910, 000
12,30k,000
1*5,806,000
k0,09k,000
83,639,000
65,161*.ooo
12,116,288,000
$1,301,003,000
TREASURY DEPARTMENT
Information Service
WASHINGTON,
RELEASE MORNING NEWSPAPERS
Tuesday,.November 4, 1952.
S-3217
T h e ■Secretary of the Treasury announced last evening that the
tenders for $1,300,000,000, or thereabouts, of 9.1-day Treasury bills
to be dated November 6, 1952, and to mature February 5. 1953. which
were offered on October 30, were opened at the Federal Reserve Banks
on November 3*
The details of this issue are as follows:
Total applied for - $2,116,288,000
Total accepted
- 1,301,003,000 (includes $218,008,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99.546/ Equivalent rate of discount approx.
1.796/ per annum
Range of accepted competitive bids:
High
- 99.580 Equivalent rate of discount approx.
1 .662% per annum
- 99.544 Equivalent rate of discount approx.
1.804/ per* annum
Low
(75 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
$
38,675,000
1,424,371,000
46,798,000
36 ,276,000
2 1 ,050,000
30,867.000
277 .098,000
4 2,26 0,00.0
12,304,000
54 ,056,000
48,794,000
____ 83,639,000
$ 2 ,116 ,288,000
0O0
$
l— I
TOTAL
Total
Accepted
»
29,050,000
753.121,000
30,54.8,000
28,076,000
18 ,325,000
29,5 ^ 5,000
213.250,000
34,910,000
12.304.000
45.806.000
40,094,000
65,164,000
301 ,003,000
IMMEDIATE HEIEASE,
Wednesday, November 5, 1952•
5
/
Secretary of the Treasury Snyder announced today that tenders will be
accepted on November 13, 1952, of bide to an issue of 210-day Treasury bills
In the amount of #2,000,000,000, to be dated November 21, 1952, and to mature
on June 19, 1953* These bills will be designated »Tax Anticipation Series»
and will be acceptable at face value in payment of income and profits taxes
due on June 35, 1953« Payment for such bills will be made in cash on the
date of issue, except that any qualified depositary may make payment by
credit in Its Treasury Tax and loan Account for Treasury bills allotted to
It for itself and its customers up to any amount for which it shall bo
qualified in excess of existing deposits, Formal invitation for tenders
will be Issued on November 7, 1952,
These bills are being issued to meet anticipated cash requirements of
the Treasury} and to the extent that they are not presented in payment of
income and profits taxes due cm June 15, 1953, they will be paid in cash at
maturity.
This offering ia being made pursuant to Secretary Snyder fe statement of
September 2ii, 1952, at which time the secretary stated that the Treasury
anticipated that further tax bills would be offered later In the year.
EFBartelt/mhh
TREASURY DEPARTMENT
Information Service
WASHINGTON,
14
IMMEDIATE RELEASE,
Wednesday,, November 5* 19 5 2 .
Secretary of the Treasury Snyder announced today that
tenders will be accepted on November 13* 1952, of bids to an
issue of 210-day Treasury bills in the amount of
$2,000,000,000, to be dated November 21, 1952, and to mature
on June 19, 1953*
These bills will be designated "Tax
Anticipation Series" and will be acceptable at face value i n
payment of income and profits taxes due on June 15* 1953.
Payment for such bills will be made in cash on the date of
issue, except that any qualified depositary may make payment
by credit in its Treasury Tax and Loan Account for Treasury
bills allotted to it for itself and its customers up to any
amount for which it shall be qualified in excess of existing
deposits.
Formal invitation for tenders will be issued on
November 7> 1952.
These bills are being issued to meet anticipated cash
requirements of the Treasury; and to the extent that they are
not presented in payment of income and profits taxes due on
June 15, 1953* they will be paid in cash at maturity.
This offering is being made pursuant to Secretary Snyder’s
statement of September 24, 1952, at which time the Secretary
stated that the Treasury anticipated that further tax bills
would be offered later in the year.
oOo
- 3 -
m m
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections
k2 and 117 (a) (1) of the Internal Revenue Code, as
amended by Section ll£ of the Revenue Act of 19^1, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
1
:*
2
n m
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be (^penetjt at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
November 13. 19^2 * in cash or other immediately available
.. .. -*■
■
funds or in a like face amount of Treasury bills maturing
November 13. 1952 >
~~a§§§:
Cash and exchange tenders will receive equal treatment.
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
£BKB&
TREASURY DEPARTMENT
Washington
3 2-
FOR RELEASE} MORNING NEWSPAPERS,
Thursday, November 6, 1?£2
The Secretary of the Treasury, by this public notice, invites tenders
^cr #1,500.000.000
, or thereabouts, of
92
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
the amount of $1,500,759,000
Hoyamber
13. 15>g2
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
, in
. November 13. 1952
The bills
and will mature
when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
#1,000, #5,000, #10,000, #100,000, #500 ,000 , and #1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o'clock p.m., Eastern Standard time, Monday. Movember
Tenders will not be received at the Treasury Department, Washington.
10. 1
Each
tender must be for an even multiple of #1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g.,
99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TREASURY DEPARTMENT
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, November 6, 1952.
WASHINGTON, D .C .
18
S-3219
The Secretary of the Treasury, by this public notice, invites
tenders for $1,500,000,000, or thereabouts, of 92-day Treasury
bills, for cash and in exchange for Treasury bills maturing
November 13, 1952, in the amount of $1,500,759*000, to be issued on
a discount basis under competitive and non-competitive bidding as
hereinafter provided.
The bills of this series will be dated
November 13* 1952, and vii11 mature February 13, 1953* when the face
amount will be payable without interest.
They wll be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000,
$100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, November 10, 1952.
Tenders will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000, and in the case o •p competitive tenders the price,
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925.
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account.
Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be openel at the
Federal Reserve Banks and Branches, following which public announce
ment will be made by the Secretary of the Treasury of the amount and
price range of accepted bids,
Those submitting tenders will be
advised of the acceptance or rejection thereof.
The Secretary of the
Treasury expressly reserves the right to accept or reject any or all
tenders, in whole or in part, and his action in any such respect
shall be final.
Subject to these reservations,
ns, non-competitive
tenders for $200,000 or less without stated price from any one
bidder will be accepted in full at the average price (in three
2
decimals) of accepted competitive bids.
Settlement for accepted
tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on November 13* 1952, in cash or other
immediately available funds or in a like face amount of Treasury, bill
maturing November 13, 1952.
Cash and exchange tenders 'will'receive
equal treatment.
Cash adjustments will be made, for differences-'..:.,
between the par value of maturing bills accepted in exchange arid the
issue price of the new bills.
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, shall not have any
exemption, as such, and loss from the sale or other disposition of
Treasury bills shall not have any special treatment,- as such, under
the Internal Revenue Code, or laws amendatory or supplementary'
thereto.
The bills shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter Imposed on the principal orinterest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority.
For purposes of
taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be
interest.
Under Sections 42 and 117 (a) (l) of the Internal Revenue
Code, as amended by-Section 115 of the Revenue Act of 1941, the
amount' of discount at which bills issued hereunder are sold shall
not be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such bills are excluded from consid
eration as capital assets.
Accordingly, .the owner of Treasury bills
(other than life insurance' companies) issued hereunder need^ include
in his income tax return'only the difference between-the price paid
for such bills, whether on original issue or on subsequent purchase,
and the amount actually received cither upon sale or redemption at
maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No. 4-18, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
- 3 -
be exempt from *11 taxation now or hereafter imposed on the principal or in
terest thereof by any State, or any of the possessions of the United States,
or by any local taxing authority.
For purposes of taxation the amount of
discount at which Treasury bills are originally sold by the United States
shall be considered to be interest»
tinder Sections b2 and 117 (a) (1) of the
Internal Revenue Code, as amended by Section 115 of the Revenue Act of l?Ul,
the amount of discount at which bills issued hereunder are sold shall not be
considered to accrue until such bills shall be sold, redeemed or otherwise
disposed of, and such bills are excluded from consideration as capital assets.
Accordingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on sub
sequent purchase, and the amount actually received either upon sale or re
demption at maturity, or the amount of income or profits taxes paid by means
of the bills, during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular So, bid, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch»
2 *
payment of 2 percent of the face amount of Treasury bills applied for, unless
the tenders are accompanied by an express guaranty of payment by an incorpo
rated bank or trust company*
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids*
Those submitting tenders will be advised of the acceptance or rejection
thereof*
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final*
Subject to these reservations, non-competitive
tenders for # 200,000 or less without stated price from any one bidder will be
accepted in full at the average price (in three decimals) of accepted compet
itive
bids*
Settlement for accepted tenders in accordance with the bids
must be made or completed at the Federal Reserve Bank in cash or other imme
diately available funds on November 21, !9 $ 2 9 provided, however, any qualified
depositary will be permitted to make payment by credit in its Treasury Tax
and Loan Account for Treasury bills allotted to it for itself and its customers
up to any amount for which it shall be qualified in excess of existing deposits
when so notlfed by the Federal Reserve Bank of its District*
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption, as
such, and loss from the sale or other disposition of Treasury bills shall not
have any special treatment, as such, under the Internal Revenue Code, or laws
amendatory or supplementary thereto*
The bills shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall
Vo
RELEASE MORNING NEWSPAPERS,
Friday, November 7» 195?«
The Secretary of the Treasury, by this public notice, invites tenders
for #2,000,000,000, or thereabouts, of 210-day Treasury bills, to be issued
on a discount basis under competitive and non-competitive bidding as herein
after provided.
The bills of this series will be designated Tax Anticipation
Series, they will be dated November 21, 1952, and will mature June 19, 1953«
They will be accepted at face value in payment of income and profits taxes
due on June 15, 1953, and to the extent they are not presented for this
purpose the face amount of these bills will be payable without interest at
maturity.
They will be Issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o 1clock p.m., Eastern Standard time, Thursday, November 13,
1952.
Tenders will not be received at the Treasury Department, Washington.
Each tender must be for an even multiple of $1,000, and in the case of compet
itive
tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925»
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognised
dealers in investment securities.
Tenders from others must be accompanied by
TREASURY DEPARTM ENT
M g
Information Service
RELEASE MORNING NEWSPAPERS,
Friday,, November 7* 1952.
WASHINGTON, D .C.
S-3220
The Secretary of the Treasury, by this public notice, invites
tenders for $2,000,000,000, or thereabouts, of 210-day Treasury
bills, to be issued on a discount basis under competitive and non
competitive bidding as hereinafter provided.
The bills of this
series will be designated Tax Anticipation Series, they will be
I dated November 21, 1952, and will mature June 19* 1953.
They will
be accepted at face value in payment of income and profits taxes
due on June 15, 1953* and to the extent they are not presented for
this purpose the face amount of these bills will be payable without
interest at maturity.
They will be issued in bearer form only, and
in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and
$1,000,000 (maturity value).
I
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o'clock p.m,, Eastern Standard time,
Thursday, November 13, 1952.
Tenders will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99*925.
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the
| special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account.
Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an 'incorporated
bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final.
Subject to these reservations,
j non-competitive tenders for $200.,000 or less without
stated price
from any one bidder will be accepted in full at the average'price
(in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank in cash or other immediately
available funds on November 21, 1952.» provided, however, any
qualified depositary will be permitted to make payment by credit in
its Treasury Tax and Loan Account for Treasury bills allotted to it
for itself and its customers up to any amount for which it shall be
qualified in excess of existing deposits when so notified by the
; Federal Reserve Bank of its District.
3
The income derived from Treasury bills, whether interest or
I gain from the sale or other disposition of the bills, shall not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills shall not have any special treatment, as such,
under the Internal Revenue Code, or laws amendatory or supplementary
| thereto.
The bills shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall be exempt
I from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority.
For purposes of
taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be
interest.
Under Sections 42 and 117 (a) (l) of the Internal
; Revenue Code, as amended by Section 115 of the Revenue Act of 1941,
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be sold,
redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets.
Accordingly, the owner of
I Treasury bills (other than life insurance companies) issued here■ under need include in his income tax return only the difference
| between the.price paid for such bills, whether on original issue
or on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity, or the amount of income or
profits taxes paid by means of the bills, during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
world, requires a oie leaders.
It requires men of sa i11 and
courage, vision and character.
' Such men are being developed i|
this Academy-.
They will be
equal to the responsibilities
placed upon them when they become
if] -
the leaders o 1 tomorrow.
I am deeply honored that
curse to know the United ¿tales ¿ 0 •*$t
Guard as one of the most modern of
the A»er ican Services,
alone.
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Today there are 36 lor an
stations, some of the® in the
United States, and others in
such widely separated localities
a® Greenland, Labrador,
Newfoundland, alasKa, the Philippines
and other islands of the Pacific,
liay and a i ...iit they provide
placed in tne Coist ~uä rc* &nd =■iïfl
the*
ô u tilr t j»&
o f »a.f » the ter ine-
Iriso« et tofi ..er v !c ® was asilieci ta its
o t h e r
i li í
re
II íi lid i í
A
m.
M. M
i 4» I
R *
«á
V i9 a 11 'o
i (ja o p é r â t i p fií ha v i
seen §yppieß*e nt«ti and aaplìfied by
*- V i «fe S
r « «c u e
m fi »
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t i sil s e r v i t «
ti
r * | n
carici
f%(f$kM ! *
I
*P '
first roqu«8t®d those ten
revenue cutter®.
3ut HswiXton could not
possibly have foreseen the extent
anP scope of Coast iuird activities
■
today when h® founded the Revenue
Mar tno »or# than 160 years ago.
The .Coast 1 yard has kept stop with
the growing needs of the country.
Even recent years have seen dramatic
changes and i l ¥ i i W
in yaur Service.
In 1939, the Lighthouse -Service was
4*W
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in 1/63,
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of
f.j.CiX S;flw 8 f
10M
t f’r.t n e e d
i 1$. fift i 1
for
ur y
it t h a
our
country,
p O I »* •'
employ m g
ar st§4'
cutters
to s t f «guarcï the
F a «ferai
r avenu®
contraband.
against
Through
4ittrKtint4 o f f e r t s ,
wore made
for
cut tor ?? to ha
tft! c u s t o m s
Oiit
tan of
M s
appropriât
those •
a s s i9no d to
officers
trow
§
lesson, that lesdership draws
its strength from those it
M l is wo
Itlit and
m-W-ftMi#
ithout into11I§#ftf follower®
If you
n
8Si
%$■w if
then the Coast Guard, through
otdet corps tra tned at this
Academy, has dons its part
toward preparing the loaders of tomorrow.
as
w w »
Secretary of the Treasury.
I k^ow from my own experience
a crushing
GoraßHifMSi
defeat
l e a d e r s .
m
IT
§ ìr i
1% 9
h%
Q m
muc H
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draw i n
i ■§■ S B HIm
i r»9 t0<iftthftr fo r' th#
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fi
an
cuuntr y
your
Ci Y*
it 13 Ä *ârfey j & & i>.•■JL 'á-.ur f tQ
É C 0 <tS t 011€if 8 ■?eatíesy.
1#yi:II!fe tU
t Ö § € S Éi
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f r # s . y r y i ri i d 4 fc,
f
i'tfO
i
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oid sri
i Si,4V fs « e i r ii
i re
î
r*»■#>
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iy
• nd t lï:i c a d e t
urps, and t never ® rs fi « ri
y
pú i
ÍÍII il
tr«
à,aa ift I fill dS
»*
The fo llo w in g address by S e c r e ta r y Snyder
a t a S e c r e t a r y ' s Dayw luncheon fo r th e Cadet Corp»
of the United S ta te# Coast Guard Academy, New Lmèon,
CoBn^'is^'s dieduled f o r d e l i v e r y a t 1 p.m. EST
S atu rday, Nov« 8, 19 5 2 , and is
/
O
u
oC.-
for r e l e a s e a t t h a t tim e *
..... IHm........ . ...
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder at a
'’Secretary’s Day” luncheon for the Cadet Corps
of the United States Coast Guard Academy, New
London, Connecticut, is scheduled for delivery
at 1:00 p am# EST, Saturday, November 8,' 1*9^5
and is for release at that time«
It is always a pleasure to come to the Coast Guard Academy# Since I
became Secretary of the Treasury in 19U6, I have enjoyed so many visits
here that I feel almost like an nold grad" when I return# I have a warm
spot in my heart for the Coast Guard Academy and the cadet corps, and I
never miss an opportunity to visit with you# So once again I thank you
for your cordial hospitality#
It is always inspiring to meet with the young men here who very
shortly will become part of the corps of highly trained and competent
officers responsible for the performance of the Coast Guard Service# I
have been very much impressed by the caliber of the men who have entered
the Academy and by the splendid work that is being done here, and I am
sure that the training which centers at this Academy will be the source of
an even more efficient and more effective Coast Guard Service in the
future#
One special reason for my deep interest in the success of the Academy
is this Nation’s urgent need for trained men who can qualify as the leaders
of tomorrow# You will recall that President Truman stressed this need for
leadership when he spoke to you here in September#
Why is this so? The ansxfer is simple# Our country’s need for
competent and effective leaders has never been greater than it is today,
because the problems with which we are faced have never been greater#
The principles of democracy on which our country was founded, the
free institutions which underlie our economy — in fact, all that our
country stands for is threatened# I doubt that any of our people now have
any illusions about the desire of the communist leadership to uproot and
destroy freedom wherever it exists# How long this threat will menace us
we cannot know$ but we do know that so long as it does exist, we must
combat it with all the spiritual, economic and military force we can muster#
This Nation and its allies have made significant progress in re
creating a powerful military defense# We have, at the same time, maintained
a strong and growing economy, drawing its strength from a free people work
ing together for the common good#
The continued strength of our democratic system is, in the final
analysis, our most powerful weapon against communism#
S-3221
-
2
-
49
So I say that continuing soundness of our economy is a crushing
defeat for the communist leaders, It is also the ultimate hope of all of
the free nations and of the millions of freedom-loving people behind the
Iron Curtain who look to this country for leadership«
Here at Mew London,, it seems to me that you are learning two lessons*
The first is the constructive lesson of teamwork and discipline — for the
greatest leaders are those who first learn to be intelligent followers«
You are also learning here* as your second lesson* that leadership draws
its strength from those it leads and that it is worthless without intelli
gent followers« If you learn these lessons.well* then the Coast Guard*
through its cadet corps trained at this Academy* has done its part toward
preparing the leaders of tomorrow.
As Secretary of the Treasury* I know from my own experience that a
great deal is expected of a Coast Guard officer* and. I know from observation,
that an ofiicer of the Coast Guard ably and loyally meets his responsibilities
and discharges his many duties*
The Coast Guard is one of the oldest branches of the Treasury and its
roots are in the roots of Government itself. Only six months after the
establishment of the Treasury Department in 1789* at the very beginning of
our country, Alexander Hamilton pointed out the need for employing armed
cutters to safeguard the Federal revenue against contraband. Through his
determined efforts* appropriations were made for ten of these cutters to
be assigned to the customs officers from Massachusetts to Georgia, From
these humble beginnings* the Coast Guard has grown to its present full
stature,
As statutory head of the Coast Guard* I am often asked just what are
the responsibilities of the Coast Guard, Its long list of official duties
is an impressive tribute to the trust which the Nation has placed on the
Service« Among its host of regular duties* the Coast Guard patrols the
coast, provides navigational aids to maritime commerce and to transoceanic
air commerce* and operates the extensive communication system which
coordinates all rescue agencies« It provides emergency services _ assistance
where tiagedy threatens* or to prevent mishaps that would result in disaster.
In every war, the Government has been fortunate to have this well trained
and disciplined force at hand* ready to provide a highly specialized service
in the Navy simply by the issuance of an Executive Order by the President.
Your proud motto of **Semper Paratus,! was well chosen* for you have always
been ready to respond to every call of the American people.
The Coast Guard occupies a peculiar position among the various branches
of the Government in that its role is both civilian and military. It was
to provide Coast Guard personnel with both the civilian and military train
ing needed, that this Academy was established. The Academy had its real
beginning in 1877 as a training ship. The first class had only nine cadets.
In 1910* the training school was moved to New London; and in 1932* the
cadets occupied the Academy's present buildings.
- 3 -
Today, you of the Coast Guard have one of the finest educational
plants in the Nation, and further improvements are under way0 Today, more
than $00 cadets are being trained in a program that, under authority of
an Act of Congress and the Association of American Universities, leads to
the academic degree of Bachelor of Science» Truly, times have changed
since Alexander Hamilton first requested those ten revenue cutters«,
But Hamilton eould not possibly have foreseen the extent and scope
of Coast Guard activities today when he founded the Revenue Marine more
than l60 years ago» The Coast Guard has kept step with the growing needs
of the country* Even recent years have seen dramatic changes and advances
in your Service* In 1939* the Lighthouse Service was placed in the Coast
Guard and with the outbreak of war, the Marine Inspection Service was
added to its other responsibilities© Navigational aid and life saving
operations have been supplemented and amplified by such devices as radar,
loran, raconj by such methods as- the air-sea search and rescue teamsj and
by an ocean station service for weather reporting, navigational aid and
emergency assistance* The world itself has come to know the United States
Coast Guard as one of the most modern of the American Services* Take
loran alone* Today there are 36 loran stations, some of them in the United
States, and others in such widely separated localities as Greenland,
Labrador, Newfoundland, Alaska, the Philippines, and other islands of the
Pacific* Day and night they provide navigators of all nations traversing
the military and civil air and sea routes of the North Atlantic and the
Pacific Oceans with means for accurate and quick determination of their
positions, regardless of weather conditionse
So, while the march of science has gone ahead at such an astonishing
pace, the Coast Guard, utilizing all of its accumulated knowledge of more
than a century and a half of service, has kept pace in adopting the new •
techniques made possible by the latest scientific developments. I hope
this always will be so, and it is. for this reason that I have been so proud
of this Academy and of the educational program that it undertakes*
To preserve our own country and to preserve democracy, both here and
throughout the world, requires able leaders. It requires men of skill and
courage, vision and character. Such men are being developed at this
Academy* They will be equal to the responsibilities placed upon them when
they become the leaders of tomorrow*
I
am deeply honored that you have designated today as Secretary’s Day.
This is a personal tribute which I shall warmly cherish in the years to
come as I recall my many interesting, constructive and inspirational associ
ations with the officers and the cadet corps of the United States Coast
Guard*
0O0
J
iS
^S\ j ^
RELEASE MORNING NEWSPAPERS,
Tuesday,
II, 1952.
November
n
0
2j
^
"
The Secretary of the Treasury announced last evening that the tenders for
$1,500,000,000, or thereabouts, of 92-day Treasury bills to be dated November 13,
1952, and to nature February 13, 1953# which were offered on November 6, were opened
at the Federal Reserve Banks on November 10.
The details of this issue are as followss
Total applied for «* $2,222,822,000
Total accepted
- 1,500,752,000 (includes $239,51*6,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Average price
- 99*529/ Equivalent rate of discount approx. 1.81*3$ per annua
Range of accepted competitive bides
High
• 99.560 Equivalent rate of discount approx. 1.722$ per annum
- 99.525
11
*
*
*
*
1.859$ *
tt
Low
(23 percent of the m o u n t bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
$
Total
19,573,000
1,555,528,000
3k,666,000
51,200,000
20,2kS,000
30,232,000
233,1*81,000
5k, 211,000
15,155,000
k6,6ks,000
57,375,000
10k,508,000
$2,222,822,000
16,033,000
90k,933,000
18,896,000
k9,815,000
18,k75,000
30,232,000
20k,321,000
52,671,000
15,155,000
k6 , 6 ks,0 0 0
k6,065,000
97,508,000
$1,500,752,000
52
RELEASE MORNING NEWSPAPERS,
Tuesday, November 11, 1952.
S-3222
The Secretary of the Treasury announced last evening that the
tenders for $ 1 ,500, 000,, 000j or thereabouts, of 92~day Treasury
bills tp/be dated November 13, 1952, and to mature February 13 ,
1953, which were offered on November 6 , were opened at the Federal
Reserve Banks on November 10.
The details of this issue are as follows:
Total applied for - $2,222,822,000
Total accepted
- 1,500,752,000 (includes $239,546,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 9 9 .529/’Equivalent rate of discount approx.
1.843$ per annum
Range of accepted competitive bids:
Hi&h
- 99.560 Equivalent rate
1 .722$
- 99.525 Equivalent rate
1.859$
Low
of discount approx.
per annum
of discount approx.
per annum
(23 percent of the amount bid for at the low price was accepted)
Federal Reserve
________
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Total
Applied for
$
19,573,000
1,555,528,000
34.666.000
51.200.000
20.245.000
3 0 .232.000
233.481.000
54.211.000
15.155.000
46.648.000
57.375.000
104.508.000
St. Loui s
Minneapolis
Kansas C it y
Dallas
San Francisco
TOTAL
$2,222,822,000
0O0
Total
Accepted
$
16,033,000
904.933.000
18 ,896,000
49.815.000
18.475.000
30.232.000
204.321.000
52.671.000
15.155.000
46.648.000
46.065.000
97.508.000
$1,500,752,000
- 2 -
*eau
“In Idition to collecting and recording these taxes, the
investigates a large number of them in
checks the accuracy of reti
detail, collects billions In taxes not voluntarily reported ancf makes
refunds owl overpayments running into billions.
“Thafb is still not tfie last of the Aireau*s duties. It ,s additional
tasks sucih as issuing permits for distillers and the manufactu e of firearms, anil the.supervision of various angj.es of the alcoholic leverage
business
“It is the largest/bureau of the Treasury Department*
largest# in the entire (government,
id one of the
“that we are to db here today is ring up to date the trueture and
the operating procedures of this very ital arm of the Govs nnjent,
y
JLLiU
Territory
to the people if the _furrr
jJas-Seaitie District, and to their lfccal officials,
»precitation oilyour hospitality and of the cooperati in which we have
arranging foq this ceremony
want to expr
ig^-AlJgkn j
“We have had milar cooperation in every locality m ere these
illations have taken place* This signifies to me tha the improved
lectures, the fo ward-looking persoijnel policy, the adv need design for
fating efficien■<y> and the ’builimm assurances of ti istworthy performwhich the Reoi unization Plan prc viides have won full oublic confidence.
“It is my fir^i belief that this p iblic confidence wi 1 orove well
plated.”
Under Secretary Foley introduced Secretary Snyder as the chief
speaker. He referred to Secretary Snyder as “the man who motivated re
organization of the Revenue Service from the very start, and whose guidance,
inspiration and firm resolve saw it through to accomplishment,”
oOo
-
6
-
*2
every locality where these installations
have taken place.
This signifies to me that
the improved procedures, the forward-look ing|
personnel policy, the advanced design for
operating efficiency, and the
£
.
.
built-in
4
as; urartcee of trustworthy performance which
the Reorganization Plan provides have won
full public confidence.
W
it is my firm belief that this public
■
confidence will prove well placed.
//
"v yfhe man who motivated
/
r
of
Revenue Service
se guidanye,
reso/ve saw
\ j
f r o m
the very ftw®rtt
inspiVa^ion and firm
through to accomplishment
52
it is the largest bureau of the
Treasury Department,
and one of the largest
in the entire Government.
'What we are to do here today is bring!
up to date the structure and the operating!
procedures of this very vital arm of the
Government.
^ I want to express to the people of the
three States comprising the Philadelphia
District,
and to their local officials.
our appreciation of your hospitality
and
of the cooperation which we have had in
arranging for this ceremony.
Vv
We have had similar cooperation in
¡y
corpora
excises on
2
8B
one of the most progressive steps in good
government in the history of this country.
As you know, the Reorganization Plan now
being placed in effect received a few
months ago the overwhelming approval of the
Congress.
Your support of it, as indicated
by your presence here this morning,
is
gratifying to all who have had a hand in
making this action possible.
^ The manner in which the Bureau of
Internal Revenue functions is of direct
concern to every taxpayer.
Its activities
affect the welfare of the t a x p a y er ^
/tÎClHKr /p tfUtw* ï r S J
e<?
0O
''On behalf of the Treasury Department,
■
I want to welcome all of you warmly to the!I
proceedings, the purpose of which is to
institute for the States of Pennsylvania,
Delaware and new Jersey, a basic
improvement in the organization and method!
of the Bureau of internal Revenue
\\
These three States form a region
which for purposes of Internal Revenue
service administration will be known
hereafter as the Philadelphia District.
The act ion which we are taking to
reorganize the Revenue service embodies
^ ofH?
TREA SU RY DEPARTM ENT
WASHINGTON, D .C
Information Servie*
'Thy' / 7 ^
Under Secretary of the Treasury^
ceremonies at the Health and Suiciwe-^
___
__for the installation of
A
e reorganized Internal Revenue Service for, Washington,- ^
Montana a.nd the Territory of A1
uötobei' 31
‘ of thel Treasury Department* I wantjto welcome all of you
> r>r*nop.ZrH nvs. the ourtJbse of which L b to institute for the
.d methods of the Bureau
which we are taking to reorsfenize the Re-^nue Service i
me most progressive steps iA good goverrment in the history
being placed in
/ As you know
* the Reorgani ration Plan njpw
f
a
l
h. few months /ago the overwhfilming appro- of the Congress,
it, as indicated by your pi esence here jrhis morning, i^y
.1 who have Mad a hand in rfeking this action possible,
/
/
• in which the Bureau of External Revenue functions is of
io every taxpayer. Its activities af #ect the welfare of
government Ja.s well as th® financial aj airs of the taxpayer
i*ore, it il very much tc/ the taxpayep *s interest that we .are
r a new aria better mann.dr of administering the Revenue /
If
“The duties of the
,ax reports of -tens
.ing of (tax returns
.ts taxis, the exci:
• items! the taxes <
T R E A S U R Y D E P A R T M E N T _________
Information Service
FOR RELEASE 10:00 A.M. EST
Wednesday, November 12, 1952,
Wa s h in g t o n , d .c
S-3223
Philadelphia, Pa., November 12 — Under Secretary of the
Treasury E. H. Foley said today, in opening ceremonies at the
Philadelphia High School for Girls for the installation of
officials of the reorganized Internal Revenue Service for
Pennsylvania, New Jersey and Delaware:
"On behalf of the Treasury Department, I want to welcome all
of you warmly to these proceedings, the puxnpose of which is to
institute for the States of Pennsylvania, Delaware and New Jersey,
a basic improvement in the organization and methods of the Bureau
of Internal Revenue.
"These three States form a region which for purposes of
Internal Revenue Service administration will be known hereafter as
the Philadelphia District.
"The action which we are taking to reorganize the Revenue
Service embodies one of the most progressive steps in good
government in the history of this country.
As you know, the
Reorganization Plan now being placed in effect received a few
months ago the overwhelming approval of the Congress. Your support
of it, as indicated by your presence here this morning, is gratify
ing to all who have had a hand in making this action possible.
"The manner in which the Bureau of Internal Revenue functions
is of direct concern to every taxpayer.
Its activities affect the
welfare of the taxpayer’s government as well as the financial
affairs of the taxpayer himself.
Therefore, it is very much to
ihe taxpayer’s interest that we are now inaugurating a new and
better manner of administering the Revenue B u r e a u ’s responsibilities
"The duties of the Bureau involve not only receiving and
processing the tax reports of tens of millions of Americans each
^ear> but also the handling of tax returns from proprietorships and
corporations, excess profits taxes, the excises on cigarettes and
Uquor and jewelry and many other items, the taxes on the gains of
gamblers, and a long list of other levies.
62
-
2
-
In addition to collecting and recording these taxes, the
Bureau checks the accuracy of returns, investigates a large number
of them in detail, collects billions in taxes not voluntarily
reported and makes refunds on overpayments running into billions.
“That is still not the last of the B u r e a u ’s duties.
It has
additional tasks such as issuing permits for distillers and the
manufacture of firearms, and the supervision of various angles of
the alcoholic beverage business.
It is the largest bureau of the Treasury Department, and one
of the largest in the entire Government.
"What we are to do here today is bring up to date the
structure and the operating procedures of this very vital arm of
the Government,
i want to express to the people of the three States comprising
the Philadelphia District, and to their local officials, our
appreciation of your hospitality and of the cooperation which we
have had in arranging for this ceremony.
We have had similar cooperation in every locality where these
installations have taken place.
This signifies to me that the
improved procedures, the forward-looking personnel policy, the
advanced design for operating efficiency, and the ’built-in’
assurances of trustworthy performance which the Reorganization Plan
provides have won full public confidence.
"It is my firm belief that this public confidence will prove
well placed.
Under Secretary Poley introduced Secretary Snyder as the chief
speaker.
He referred to Secretary Snyder as "the man who motivated
reorganization of the Revenue Service from the very start, and
whose guidance, inspiration and firm resolve saw it through to
accomplishment.
0O 0
iSS -
ill0 til Itfi to
« 1 1 i »or»,
with
I a «s
n a n
e.
£,
tt I f o d o r
ions f r a «
thi s
ragion in the past
ra' to %
I»
f*J1LIjPs
%tPfg
* to
%$r
:
w
■¿
*
%t
h
i
iW*|#01it of t h o
W
M
tv#nu#
i § 0 1 I y 11S •
much s a t i s f u c t u
the enterprising
IUÜ
3
rr
w
| y u I f*f
i
y* f raw sin$,
if
p sio
II
<e*
m §•
cono®io propri»S3
<#
this r»9
■I#
id ^ n
#1%'®
Hi«
inear»®
P|®
IS
dividual* in tr
a r e a
h a v e
a l P U S t
t r i p l e d
year alone, there was a
10 percent increa*e aver
ip © v i o u s
y e a r .
Las'
\\
Moreover, this region is
growing in economic power and
productive might every year.
An outstanding example which
is currently attracting
Nation-wide attention is the
construction of the huge Fairless
steel mill, with its new
incustrial community, some 25
miles up the Delaware River
from Philadelphia.
Now nearing
completion, this mill will
tnaaeur« up t a u v e r y
t
£I f
conduü
l # r v i fei
w
IM '
!t
4
*
venu®
s t r t iw lin in
Sa f^uH' Uff afians t §f htve
i
i u n t r v 111 ©fi
§&%
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©i Iminete the tswpt a t ians
ta wh i ch SOU® ©B*piay#@8 frtvt
©ycouwbtd in tn t p a s t .
Th®re h t*
Iitn «stabiish«d an indépendant
1fcfilp IIC*1t1an ':‘- urvi©st undar tho
chraot i;f n of siîothtsf• Aatiittnt
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w i
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i panati nt chtck an «Splftff#
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Uo®fii ss ioner
ss ioner
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YY
established in fhiladel,ohi
o1
6
of ti
is tri et Comi» issi oner.
is a new posi 1ion in
isir
LOi ,;rt Í S
$ jr ;
r t o r g i ftization
TU
the Director,
r tí
representative, «i
T4. V
M
*
ng of ail Federal
St I
tax matter
%»
convent
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o 1
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two y irectors o f
internal
with offices in Camden and
F i t 0■
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18
-
completion of the program by
December 1st of this year.
Under the skillful direction
^
of Commissioner of internal Revenue
John 8. Dunlap, and fti
associates,
the transition is being accomplished
smoothly and without inconvenience
to taxpayers.
v
heoryaniiation.Plan No. 1 is
not a complicated blueprint
understandable only by experts.
it is simple.
§
.
t
..
Une of its provisions
Iiinf*# % n#il pr tipor % i
1e# iy *
;
/
the bureau uf internal fctvtinu«
r # u ■iv l § § b fat 80 ®lll*on tax
return® of til k inti« annually *
ifii ift the l at e s t f i s c a l . y a t r
i . l i
Piyjj;
I w
.g$h .***.'.J%
3 I1 1 I
\\
II% If«»8 ■#iaS r
[flf
n
iH
li § II
hr
11
A
ff
rauna asi mat
rearganixat ion of :tif|
i# st iFiji if f e c t e i .
riy*
rtisr t w - e .
|
l i t i
It®
s t t s n a
iic s| ta thè
li52
# m
§
§ Ì W
t
ssfw tux c a l i n o t i
**
instillât ien of
1<¿
•
the
withholding system.
incoine tax
Still another
compìicatÌon was the fact that
the rapid r»to jo war tim« incomes
fostered tax evasions that had
to be discovered and rectified.
1
The inadequacy of the Revenue
S e r v i c e 1* equi patent and methods
was plainly iapparent, and
the need for i thereof|h ovirhialin§
was consp ic
m
¡¡¡11
tut temperar ily,
the problem ftad to Ì# pot afide.
The Service suddenly had to
handle
m
11 1 1a ns of return« tram
taxpayer« who never before had
been required to pay Federal
irittoioo taxes.
It had t® assume
responsibility almost avernifht
for the collection of mem kinds
of texts, and the application of
sharply inertattd rates on those
taxes already in existence.
|i
C o l l e c t i o n
« » t h u d s
w e r e
drastically chanced by the
i8
- y -
nut accomplished overnight.
fhe
study given to the problem covered
Æ
■
F
P
V w
r m vp w«. nr wi ?
—
ts#nt and tnt
.„i«Ayr
?!siva sy» S#r¥ t«f ititlf but al
■
indivi d u t ! s
reprtrttftt îf!.!**.
:'
I
I
4': fef, ¡JSjÈ
t. f; ^
g r o u p e
î :*¥. *%
V"V
t jrtÊtt,
f-
Itovei'-mmont Jfi§§|||.tt;
nd
l tax p k
ü antf*$W *# «#>*f % f îrsus, sf
r ws a n i z i t i i m s
«n
■thsr t ,
te af tli « «io st eaaa
v
a # s i1 ® b 1 e „
un
1
I
li
unii liras
Üf ¡
5% fi1 fim|
■ teft.
S ii ?
w
• B i l i
€
tf •1C T
a a g n t ili et f
« th ‘if
îlfcVS
Revenue activities located
in P h i l a d e l p h i a .
Sown t h r o u g h
the years, from R e v o l u t i o n a r y
fear days w h e n P h i l a d e l p h i a ’s
d i s t i n g u i s h e d citizen,
R o b e r t morris, w a s n i c k n a m e d
the
L
F i n a n c i e r " in r e c o g n i t i o n
of his f i n a n c i a l prowess.
P e n n s y l v a n i a n s have
8e
expression of confidence
é
thr
h the operation
of the new pian, we ihtil brio u
to the taxpayers t Revenue service
fully adequate to meet its
increased responsibilities and
fully meriting the confidence
of the public.
'.
I ¿8 deeply aware of the
significance to you and to our
Government of having the principal
office for this region's Internal
In fo S e rv ice
R e l e a s e 1 0 a»m * EST
W ed n esd ay ! N ovem ber 1 2 ,
1952
P h i l a d e l p h i a , N ov* 1 2 —
Jo h n W. S n y d e r ,
s p e a k in g a t
J*ig i S c h o o l f o r
G irls
o f th e
h e a d in g
fo r
S e c re ta ry
c e re m o n ie s
th e
of
in
th e
th e
in s ta lla tio n
r e o r g a n iz e d I n t e r n a l R evenue S e r v i c e
New J e r s e y
an d D e l a w a r e ,
s a id
to d a y :
of
T re a su ry
P h ila d e lp h ia
o ffic ia ls
f o r te a n s y lv a n ia
TREASURY DEPARTMENT
Information Service
Release 10 a.m* EST
Wednesday, November
12, 19^2
WASHINGTON, D .C.
S-322^1
Philadelphia, Nov. 12 — Secretary of the Treasury John W. Snyder,
speaking at ceremonies in the Philadelphia High School for Girls for the
installation of officials of the reorganized Internal Revenue Service
for Pennsylvania, New Jersey and Delaware, said today:
uWe are gathered here today to bring to the States of Pennsylvania,
New Jersey and Delaware, under the authority of the President’s
Reorganization Plan No. 1 of 19i?2, a reorganized, modernized, and revitalized Internal Revenue Service. Your presence indicates that you appreciate
the importance of the progressive action which we are taking. Your pres
ence is also an expression of confidence that, through the operation of
the new plan, we shall bring to the taxpayers a Revenue Service fully
adequate' to meet its increased responsibilities and fully meriting the
confidence of the public.
"I am deeply aware of the significance to you and to our Government
of having the principal office for this region’s Internal Revenue activi
ties located in Philadelphia. Down through the years, from Revolutionary
War days when Philadelphia’s distinguished citizen Robert Morris, was
nicknamed the ’Financier* in recognition of his financial prowess,
Pennsylvanians have played a conspicuous role in directing our Nation’s
finances. Since the post of the Secretary of the Treasury was created
in 1789, it has been occupied more than one-fifth of the time by
Pennsylvania citizens. Their total tenure in that office has been longer
than that of the representatives of any other state. Likewise, you have
given to the Internal Revenue Service two of its Commissioners since the
establishment of that office.
uIknow that we can count on the citizens of this State and region to
continue their efforts to strengthen the financial structure of our
Government and to make the reorganized Revenue Service which is being
instituted here today a model in good government administration.
"From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley, the
Treasury Staff, Commissioner Dunlap and his associates in the Revenue Bureau
-
2
102
-
«« "The HeorganizationPlan is the product of earnest study and diligent
effort not only by administrative experts of the Treasury Department and
the Revenue Service itself but also by individuals and groups representing
tne Congress, other Government agencies, business management firms, and
taxpayer organizations — in short, the composite of the most capable
consultants available.
■
"The goals of this action are a maximum of operating efficiency and
econony, fast, convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau. X have every confidence that these goals will be realized.
,
preParatl0n °f^ e Reorganization Plan was a tremendous task,
and it was not accomplished overnight. The study given to the problem
covered several years of intensive work, and the final drafting of the
been taken!
°0mpleted Until after a lonS « • * «
preparato^ steps had
"The elimination of weak spots from the Internal Revenue Service,
and improvements in its operational methods, began at my direction in 19ii6
soon after I became Secretaiy of the Treasury,
f
war^dme ex*
Dsr^ence in the Service had demonstrated the necessity
for such action. An organization which had worked fairlv well in its
fromlrelatlf!r "f6" ** c?llected °onparatively modest amounts of taxes
from relatively few people, had been almost overwhelmed by the unprecedented
demands made on it in the World War II era. The Service suddenly tod to
handle millions of returns from taxpayers who never before had been required
ix - K
! t to collection
c o ? r ra: - taxes/
j t had to assume « w i m u S a S S t
of new kinds of taxes, and the application of
sharply increased rates on those taxes already in existence.
^ftion^thods
were drastically changed by the installation of
that the^ranid
Sti11 another complication was the fact
b ^ L c Iv ^ d and ^ e o t i f S d ! ”
n. .'
^
ln ° 0lneS
evaSions th a t had * °
inadequacy of the Revenue Service's equipment and methods was
'»parent, and the need for a thorough overhauling was consoicuous"
thl f oblem had to be put aside. So long as the Z
the n ^ ssI ! y ^ r S u i S g ! he ^
“
the
*o accomplish
a v a u l M P1?!!f^*h% ? ituatii>n had chanSed* » r e men and women became
declined
ei"Pl°yl* n t as the strength of the Armed Forces
for
of l l r n K S w a s
>?ith the red«°tion in the demands
starSd.^" ^
**
°f m°derniai^
Bureau
103
- 3 -
"Even as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem*
The period from 19h6 to 19^2 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about 90
million tax returns of all kinds annually, and in the latest fiscal year
its collections reached the record sum of $6fj> billion,
"That, in brief, is the historical background against which reorgan
ization of the Revenue Service is being effected,
"In going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant.
It could not be closed down for a week or a month while an old system was
abolished and a new system installed. The Bureau had to go right on
collecting the Nation’s revenues and doing the rest of its huge daily job,
while making the changes called for in the plan,
11This is the tenth area in which the reorganization plan has been
put into effect, I have personally attended all but two of the reorgan«*
ization ceremonies. In addition, we have extensively reorganized the
headquarters of the Bureau of Internal Revenue in Washington, We shall
proceed with reorganization in other districts, on a schedule which calls
for completion of the program by December 1st of this year,
"Under the skillful direction of Commissioner of Internal Revenue
John B, Dunlap, and his associates, the transition is being accomplished
smoothly and without inconvenience to taxpayers,
"Reorganization Plan No, 1 is not a complicated blueprint understand
able only by experts. It is simple,
"One of its provisions is to eliminate all non-career offices in
the Revenue Service, with the single exception of the Commissioner of
Internal Revenue, Every post in the service, with that one exception,
will now be filled by Civil Service appointees,
"Another important feature is the simplification and streamlining
of administrative authority, so as to eliminate complexities for the tax
payer and improve methods of supervision,
"Here is how the Philadelphia District will be administered,
"In the State of Pennsylvania, the office of a Director of Internal
Revenue is being established for each of three areas, with the offices
located in Philadelphia, Pittsburgh and Scranton,
"In New Jersey, there will be two Directors of Internal Revenue
with offices in Camden and Newark,
-
h •*
104
"In Delaware, there will be one Director, with his office in
Wilmington#
"These six Directors replace the former Collectors of Internal Revenue
for the three States, and the offices of the Directors are in the same
cities as were the offices of the Collectors#
’’Each Director will maintain supervision over all Federal Revenue
Service matters within his particular collection district. Taxpayers are
assured of improved service and greater convenience because henceforth
the Director, or his local representative, will be responsible for complete
handling of all Federal tax matters in his locality. For convenience,
local representatives will be stationed throughout these six collection
districts in lU6 presently located offices and posts of duty#
"For purposes of general area supervision and coordination of local
tax administration, there is being established in Philadelphia the office
of District Commissioner# This office is a new position in the reorgani
zation. The District Commissioner for Philadelphia has full responsibility
for all field activities of the Bureau in the six Directors’ offices in
the three States of Pennsylvania, New Jersey, and Delaware. Under this
reorganization, there are clear and direct lines of authority and
accountability from the Directors of Internal Revenue to the District
Commissioner and from the District Commissioner to the Commissioner in
Washington#
"One of the members of the District Commissioner’s staff will be the
Assistant District Commissioner for Intelligence# Under his direction
there will be intensified efforts to see that every fraudulent attempt to
evade Federal taxes will bring quick investigation and action#
"The task of fighting tax frauds never was an easy one# In recent
years the criminal element has attempted tax evasion with greater
persistence than ever before# It is our determination that this persist
ence will be.met by the special agent's of the Revenue Service with even
greater enforcement diligence# The Assistant District Commissioner for
Intelligence will see that the full limit of available manpower is applied
to the tax evasion problem#
"In streamlining the Revenue Bureau’s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past. There
has been established an independent Inspection Service, under the direction
of another Assistant Commissioner, which will maintain a constant check
on employee conduct and watch other Revenue Service activities as well#
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust# The work of Congressional investigative groups has had, and will
continue to have, our full cooperation#
- 5 -
"In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts, I am confident that our
selections for the office of District Commissioner here in Philadelphia
and the office of Director of Internal Revenue in Philadelphia, Pittsburgh,
Scranton, Camden, Newark, and Wilmington, will measure up to every expec
tation*
"The region which these officers will serve has long been the key
stone to much of our Nation1s economic power* Multitudinous industrial
developments and equally impressive strides in agriculture and commerce
within this area have constantly enriched our country and its people«,
And from earliest days the city of Philadelphia has been the nerve center
for much of this region’s spectacular progress*
"Philadelphia’s port assured the development of commerce, as well
as the development of early industries like shipbuilding and sugar refining
and modern industries such as petroleum refining and chemical manufacturing*
Served also by three main line railroads with connections to a rich
continent of raw materials, surrounded by a wealthy agricultural and
mineral hinterland, flanked by ever growing markets along the heavily
populated seaboard, and endowed with skilled workers, Philadelphia was des
tined to lead the way in forging this region into the great industrial
empire it is*
"Moreover, this region is growing in economic power and productive
might every year* An outstanding example which is currently attracting
Nation-wide attention is the construction of the huge Fairless steel mill,
with its new industrial community, some 25 miles up the Delaware River
from Philadelphia. Now nearing completion, this mill will soon be adding
1,800,000 tons of raw steel to the Nation’s annual production capacity*
"The economic progress of the people of this region is evidenced by
the fact that just since 19^0 income payments to individuals in this threestate area have almost tripled* Last year alone, there was a 10 percent
increase over the previous year.
"As'your economy has expanded, so has its importance grown to our
country’s revenue system*
"In the 1952 fiscal year there were over 7 million individual income
tax returns filed in the three-state area which now comprises the
Philadelphia District — a sixfold increase since 19U0. The total number
of tax returns filed in this District in fiscal 1952 amounted to almost
10 million, as compared with less than 2-1/2 million in 19^0* Total
Federal tax collections from this three-state region in the past fiscal
year amounted to close to $8 billion, or 12 percent of the country’s
total Internal Revenue tax collection'**
t'Xt is with
citizens of such
vital service of
Internal Revenue
much satisfaction that we bring to the enterprising
an enterprising region of America an improvement in a
the Federal Government such as that incorporated in the
Reorganization Plan*
"We have had most generous cooperation in arranging today's ceremony#
I want to express our warm appreciation to all those who have taken a
part in making this occasion possible.
"It is my firm belief that the result of today's reorganization
proceedings here, and those held or to be held throughout the Nation, >7111
be to give the American people a Revenue Service of maximum efficiency
and operating economy, manned by employees of unquestioned integrity#"
- 3 -
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of
1 9h l, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
2
m
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final»
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
November 20, 1952
* in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Hovember 20, 195S_,
W?
Cash and exchange tenders will receive equal treatment.
Cash adjustments
will he made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income deriyed from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
Sxkddaifcdk
mm
TREASURY DEPARTMENT
Washington
i.
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 13, 1952
•
^
- ”5
The Secretary of the Treasury, by this public notice, invites tenders
fcr $1,300,000,000
, or thereabouts, of
91
-day Treasury bills, for
cash and in exchange for Treasury bills maturing November 20, 1952
, in
lip
the amount of $ 1 ,300 ,266,000 , to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
February 19, 1953
terest.
November 20, 1952
The bills
, and will mature
, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1 ,000 , $5 ,000 , $1 0 ,000 , $100 ,000 , $500 ,000 , and $1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p,m., Eastern Standard time,Monday, November IT, 195?»
Tenders will not be received at the Treasury Department, Washington,
Each
tender must be for an even multiple of $1 ,000 , and in the case of competi
tive tenders the price offered must be expressed on the basis of 100 , with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TR EA SU R Y
D EPARTM EN T
Information Service
RELEASE .MORNING ¡NEWSPAPERS,
Thursday, N o v e m b e r 13« 1952.
WASHINGTON,
'
' ''
’ ^ J
S-322p
The Secretary of the Treasury, by this public;.-notice, invites
tenders for $1 ,300 ,0s00,000, or thereabouts, o f ^ l - d a y Treasury
bills, forscash and i n exchange for Treasury bills maturing;;
November 20, 1952, in the amount of $1,390,266,000, to be issued on
a discount basis under competitive and non-competitive bidding as
hereinafter provided.
The bills of this series will, be dated ,November 20:,. 1952, and will mature February 19, 1953, when the face
amount' will be, payable .without interest . They will be issued in
b e a re r form only, and in denominations of $1,000, $5,000, $10., 000,
),000', :$.500 ,000 , and $1,000,000 (maturity value),;
Tenders will be received at Federal Reserve Banks...and Branches
up to the;closing, hour, two o ’clock p.m., Eastern Standard time,
Monday, November 17, 1952#
Tenders will not be received at the
Treasury Department, Washington#
Each tender must be for .an even
multiple of $1,000, and in the case of competitive••tenders the-price
offered must be expressed on the basis of 100, with not more than
three;, decimals, é » g., 99*925«
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the
special, envelopes which will be supplied by Federal Reserve-Banks or
Branches o n .application therefor.
.• Others than banking institutions will not be permitted to submit
tenders, except for. their own account. Tenders will be received,
without deposit from incorporated banks and trust companies, and from
responsible and recognized dealers in investment securities.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the; tenders are
accompanied by an express guaranty of payment b y an incorporated bank
or trust company.........
;... '
»
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted b i d s , Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final.
Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
- 3 (in three d e c i m a l s ) of a c c e p t e d c o m p e t i t i v e bids.
S e t t l e m e n t for
a c c e p t e d t e n d e r s in a c c o r d a n c e w i t h the bid s m ust be
or
c o m p l e t e d at the Fe d e r a l Re s e r v e B a n k o n N o v e m b e r 20, 1932, in cash
or o t h e r i m m e d i a t e l y a v a i l a b l e f u n d s o r in
T r e a s u r y b i l l s m a t u r i n g N o v e m b e r 20, 1952#- " ¿ i C a s h . . j ;
te n d e r s wil l r e c e i v e equal treatment.
C a s h a d j u s t m e n t s w ill be
m a d û i f q r d i f f e r e n c e s b e t w e e n the p a r v a lue of m a t u r i n g b i l l s
a c c e p t e d i n -,e x c h a n g e a n d *■the issue p r i c e ;of the -new^bills;.
;rr
, The income d e r i v e
T r e a s u r y bills, whether, i n t e r e s t pr
g a i n fj?oèr the sale or o t h e r d i s p o s i t i o n of -the- billsi •shall 1 not have
a n y e x e m p t i o n , 'as such, a n d 1loss from; the sale* or o t h e r ,disposition
of T r e a s u r y b i l l s shall n o t • h a v e an y Special treatment, as such, _
u n d e r the I n t e r n a l R e v e n u e Code; or laws a m e n d â t o r ÿ o r supplementary
thereto;.- “The b i l l s shall be sub ject to e s t ate;a inheritance., gift
or o t h e r e x c i s e taxes, W h e t h e r F e d eral o r State, but;. ;shall: be ,
• e x empt f r o m a l l ’ t a x a t i o n n o w or hereafter* imposed, Un, the. principal
o r i n t e r e s t t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the
U n i t e d States, Or b y a n y local t a x i n g authority..
RPr-j p u r p o s e s of
t a x a t i o n the amou n t of d i s c o u n t at w h i c h T r e a s u r y b i l l s ^ a r e ^
■
o r i g i n a l l y sold b y the U n i t e d S t a t e s shall be c o n s i d e r e d to he
i n t e r e s t . U n d e r S e c t i o n s 4 2 arid 117 (a) (1) of. the^ I n t ernal
R e v e n u e Codé, as a m e n d e d b y S e c t i o n 115 of the Revenue: Act of, 1941,
t he a m o u n t of d i s c o u n t at w h i c h b i l l s i s s u e d h e r e u n d e r are sold -,
.shall not .be c o n s i d e r e d to a c c r u e u n t i l such b i l l s shall;:\ib.^i^id^
r e d e e m e d .or o t h e r w i s e d i s p o s e d o f , a n d 'such bills. are: e x c l u d e d from
c o n s i d e r a t i o n ’as capi tal as set a.
A c c o r d i n g l y ,' t h e o w n e r o f .Treasury
b i l l s (other t h a n life ins u r a n c e com p a n i e s ) i s s u e d h e r e u n d e r need
i n c l u d e . i n his income t ax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the
p r i c e paid, f o r such b i l l s , " w h e t h e r on -original i s s u e o r ; o n ;
s u b s e q u e n t purchase, a nd the a m o u n t a c t u a l l y r e c e i v e d :either^upon
sale o r ’r e d e m p t i o n at m a t u r i t y d u r i n g the t a x able y e a r f or which
the r e t u r n is "made; as o r d i n a r y g a i n * o r l o s s .' ** : ,:
;:
r
T r e a s u r y ¿ a p a r t m e n t C i r c u l a r Noi 4l8, as amended, a nd this
notice, p r e s c r i b e the t e r m s of the T r e a s u r y bills: a nd ;g p v e r n - t h e .
c o n d i t i o n s of t h e i r issue.
Copi e s of the c i r c u l a r , m a y be pbtainea
f r o m a n y F e d e r a l . R e s e r v e B a n k or Branch.
oOo
fi
0 ,'
7
“r ~y~
(?* r^-—»jg
IMMEDIATE RELEASE
November
1952
^
;The Bureau of Customs announced today preliminary figures showing the imports
for cMstimption of o d d i t i e s within tariff-rate quota n o t a t i o n s from the begmv
ning of the quota periods to November 1, 1952, inclusive, as follows*
Inports as of
November 1, 1952
Commodity
IShole milk, fresh or sour ♦•♦Calendar year
Cream .......................Calendar year
rhvM^
........... (July l6, 195>2............................ (Oct. 31, 1952
3.000.
000 Gallon
1,500,000 Gallon
5.000.
000 pound
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
•12
Walnuts ....... .
.Calendar year
months from
•Sept. 15, 1952
150,000,000
798,900,000
5,000,000
pound
Quota filled
a
"White or Irish potatoes:
certified seed ••••••••
other ..... .
31,k72,lo8
2 , 5 8 2 , too
3,lt78,622
pound
Quota filled
Gallon
Gallon
Quota filled
Quota filled
Gallon
Quota filled
$
a yo
.Calendar year
petroleum and petroleum
„Calendar year
Venezuela
2,956,81*1,9h9
Netherlands
930', 857,65l
Other
Countries
1,090,1^8,800»
/
Almonds:
shelled
prepare«
3,990,996
,12 months from
•«à, 5oo,ooo
Pound
*5 aon o§o
1)98,109
October 1, 1951
Almonds:
185,593
,.12 months from
7,000,000
pound
,.October 1. 1952
*
Of the total, not more than 500,000 pounds shall be blanched, roasted, or other
Tsise prepared or preserved almonds (not including almond paste).
/
Imports through September 30, 1952*
TREASURY DEPARTMENT
Washington
112
IMMEDIATE RELEASE
Thnrsday, November 13, 19£2
S -3226
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within tariff-rate quota limitations
from the beginning of the quota periods to November 1, 1952, inclusive,
as follows:
Commodity
Period and Quantity
Unit
of
Quantity
Imports as of
November 1, 19£2
Whole milk, fresh or
sour.••••••••••••».•.9 Calendar year
3,000,000
Gallon
22,221
Cream
♦Calendar year
1,£00,000
Gallon
850
.July 16, 1952Oct. 31, 1952
5,000,000
Pound
31,1*72,108
Pound
Quota filled
l£0,000,000
798,900,000
Pound
Pound
2,582,1*00
3,1*78,622
£,000,000
Pound
Quota filled
Gallon
Gallon
Quota filled
Quota filled
Gallon
Quota filled
Butter.•
• • • • • • . . • • • . . 9 9
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish... .Calendar year
White or Irish potatoes:
certified seed.
.12 months from
other.
.Sept. l£, 19£2
301*, 892
•
0
Walnuts
»Calendar year
Petroleum and petroleum
p r o d u c t s . ,.Calendar year 2,9£6, 81*1,91*9
Venezuela
930,8£7,6£l
Netherlands
Other
1,090,318,800
Countries
Almonds:
shelled......... .
3,990,996
.12 months from
£00,000
prepared....... .
Almonds:
shelled.
Pound
.October 1, 19£l
1*98,109
,12 months from
185,593
7,000,000
Pound
_ prepared...... ...... »October 1* 19£2
lié.fìlQ
ui une total, not more than ¿00,000 pounds shall be blanched, roasted, or otherwise prepared or preserved almonds (not including almond paste),
t Imports through September 30, 19£2.
l i p i »
BMEDIATE RELEASE
November 1^, 19f>2
The Bureau of Customs announced today preliminary figures showing the
inroorts for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 19U6, from »January 1, 1952, to November 1, 195 ,
inclusive, as followsr
products o f the
Philippines
5
:
Established Quota
Quantity
85a,ooo
Coconut O H
• • • • •
Rice •
(Refined
f
#
: unit of
t Quantity
•.
Gross
:
s
:
Imports as of
November 1» 1952
%
•
576,711»
200,000,000)
Number
1,275,302
UU8,ooo>ooo
pound
89,628,872
6,000,000
pound
3,35l,6taL
i,oUo,ooo
Pound
-
1,90U,000,000
pound
• •
Sugars
1,581» ,i*53,oil
(Unrefined • •
Tobacco • • • • • • •
6,^00,000
pound
2,231,1|13
114
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Thursday, November
13, 1952
S-3227
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 19 )46, from January 1, 1952, to November 1, 1952,
inclusive, as follows i
Products of the
Philippines
Buttons ..... .
:
î
Established Quota
Quantity
8$0,000
:
Unit of
: Quantity
Gross
Imports as of
November 1, 195
576,711*
Cigars....... .
200 ,000,000
Number
Coconut Oil•••••••«*
1^ 8 ,000,000
Pound
89,628,872
Cordage...... ......
6 ,000,000
Pound
3,351,61a
Rice......... .
i,oUo,ooo
Pound
-
1,90U,000,000
Pound
1,275,302
(Refined,....
Sugars
(Unrefined,..
Tobacco*..... .
1,581*,1*53,oil
6 ,500,000
Pound
2,23l,ltl3
/ _
FOB
Thu
3<?.2-<P
FOE IMMEDIATE RELEASE,
November l2r 05£%----
t3
lary figures showing the
The Bureau of Customs announced todaj^reli
inarawn from warehouse, for
quantities of wheat and wheat floui/dHlWeir, or
consumption under the import quotas established in the President's proclamation
of May 28, 19hl, as modified by the President's proclamation of April 13, 19l2,
for the 12 months commencing May 29, 19 £2> as follows:
Wheat
Country
of
Origin
Imports
Established :
Quota
sMay 29, 19££, to
: jjbvember 12, i95a
(Bushels)
(Bushels)
795,000
Canada
China
Hungary
Hong Kong
—
Japan
100
United Kingdom
—
Australia
100
Germany
*100
Syria
New Zealand
Chile
100
Netherlands
2,000
Argentina
100
Italy
Cuba
1,000
France
Greece
100
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
1,000
Rumania
Guatemala
100
100
Brazil
Union of Soviet
Socialist Republics
100
100
Belgium
"BUOTOT
79U,609
«•
mm
mm
mm
■mm
mm
mm
mm
mm
*
mm
mm
mm
mm
mm
mm
—
mm
—
—
—
mm
Wheat flour, semolina,,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
1 May 29, 1$£2,
•
•
to November 12
(Pounds)
(Pounds)
3,8l£,000
2k ,000
13,000
mm
-
7 9 k ,609
mm
8,000
75,ooo
1,000
£,000
£,ooo
1,000
1,000
1,000
111,ooo
2,000
12,000
1,000
1,000
1*000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
mm
mm
-
13,000
-
mm
1,211,760
lj,000,000
m
to
m ,
mm
mm
«*
mm
■mm
mm
mm
mm
mm
-
mm
mm
mm
mm
~
mm
_
mm
mm
-•
l,23J.,80il
TREASURY DEPARTMENT
Washington
116
FOR IMMEDIATE RELEASE
Thursday, November 13, 1952
S-3228
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn
tramwarehouse, for consumption under the import quotas established in the
President's proclamation of May 28, 191(1, as modified by the President's
proclamation of April 13, 191(2, for the 12 months commencing May 29, i9f2
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Imports
Established
babiished j
Imports
Quota
:May 29, 1952 to
Quota
(May 29, 1952 to
«November 12, 1952
iNovember
(Bushels)
"(Bushels)
(bounds)
(Pounds)
Wheat
Country
of
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
A u s tr a lia
Germany
i Syria
I New Z ealan d
Chile
Netherlands
Argentina
I I ta ly
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and D a n z ig
Sweden
79$,000
79b
,609
Guatemala
Brazil
Union of S o v iet
S o cialist R ep u b lics
Uelgium
1,211,760
8,000
100
75.000
1.000
5.000
5.000
1.000
100
100
1 .0 0 0
100
2,000
100
1.000
111,000
2.000
12,000
.
1,000
1.000
•m-
1.000
100
1.000
1.000
1,000
1.000
1.000
1.000
j Yugoslavia
Norway
Canary I s l a n d s
Rumania
3,81^,000
211.000
13.000
13.000
1 .0 0 0
1 ,0 0 0
1,000
100
100
100
100
800,000
m,609
Moo,
000
T,'gll,861(
-
2
-
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes'made from cottons of 1 -3 /1 6 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
: Total imports
: Established :
Imports
1/
: Sept. 20, 1952 to :
33-1/3* of i Sept. 20, 1952
: November 12* 1952 : Total Quota : to November 12, 195i
: Established
: TOTAL QUOTA
*
*
United Kingdom ...... ...
Canada ..............
France ..............
British India .......
Netherlands .........
Switzerland .........
Belgium ..............
Japan ...............
China ...............
Egypt ........... ...
C u b a ..... ...........
Germany ..............
Italy ..... ..........
1,441,152
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
140,404
13,1U
8,964
15,929
«■»
m
«■*
6,430
____ ___ 184,838________
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
-
75,807
a
13,111
-
22,747
14,796
12,853
-
15,929
-
m
m
<a*
25,443
7.088
6,430
1 ,599,886
______ 35,470
tm
m
1
IMMEDIATE RELEASE
- 1 November 12. 1952
#jf
ÌàìM
^
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
y
established by the President's Proclamation of September 5, 1939 , as amended
-f
r«
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4”
Imports Sept. 20. 1952, to November 12, 1952. inclusive
Country of Origin
Established Quota
Imports
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
*
59,790
Egypt and the AngloEgyptian Sudan ....
Peru ................
British India ......
China ...............
Mexico ........... ..
Brazil .............
Union of Soviet
Socialist Republics
Argentina ..........
Haiti ...............
Ecuador ............
3,274,975
475,124
5,203
237
9,333
Country of Origin
Established Quota
Honduras .............
Paraguay .............
Colombia ..............
Iraq ..................
British East Africa ...
Netherlands E. Indies
Barbados ..i ...........
l/0ther British W. Indies
Nigeria
....
2/0ther British 1. Africa
¿/Other French Africa ...
Algeria and Tunisia ...
Imports
752
871
124
195
2,240
71,388
—
21,321
5,377
16,004
689
-
1/ Other than Barbados,, Bermuda, Jamaica, Trinidad, and Tobago.
.2/ Other than Gold Coast and Nigeria.
2 / Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough,, of less than 3/4*
Imports Sept. 20. 1952, to November 1* 1952
Cotton 1-1/8* or more, but less than I-II/I6”
Imports Feb „ l. 1952, to November 12, 1952
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
1,057,02?
45,656,420
Imports
23,309,406
m
m
tfl*
«a»
mm
am
«M#
mm
mm
m
m
T
1i
asva'isïï giviasm i ^
yfA
I -ù
TREASURY- Ü SP A ET K EU T
Washington
IMMEDIATS RELEASE
S-3229
Thursday, November 13, l952
Preliminary data on itqjcrts for consumption of cotton'and cotton waste chargeable to the' quotas
established by the Presidents Proclamation of September 5, 1939• as amended. :
COTTON (other than linters) (in pounds)
.
Cotton under 1-l /8 inches other than rough or harsh uhde r '3 /Un
Imports Sept® 20 , 1952 , to November 12 . 195 2» inclusive ...
Country of Origin
Established Quota ,, imports
Egypt and the AngloEgypt ian Sudan... •
P 6m * ••
v ♦'* •*
••♦
Bri t ish India®....*•
Qliinctt •♦#*•»* ••/•#
Mexi co......i i. v...•
Brazil... .. . . . . . * 1
Union of Soviet
Socialist Republics
Argentina..... .. .. *
•••••••••**••#
Ecuador.’*•*...»-». ••
7 3 3 ,8 1 6
2^ 7,9 5 2
2,003,1*83’
1,370,791
8;ig83c259
6 18,72 3
59,790
■* ,X
3.271*.S75
—
-U75.X21*
‘ 5*203
,237
$.333
—
—
-.y„^
. Country of Origin
.' ’
•'
- 'Ci
.....
« ..■
Established Quota..-
*■>- Honduras ••... * ®
#
752 ...
,.
- Paraguay..........
871
fjfcftv
.■ 12 b
Colombia®............. -* .
4U*’IrstQw* # • •-♦♦ •
•... .. , ---I95 , ••
•
t, • British East Africa.v®' ■v • '*•2 >2h 0 - ’ I'
;
Netherlands
E®
Indies*.
•
7
1
,
3
s«
;
■
i
Barbados..'.... .
•
l/Other British W. Indies**
’21,321 --'it 'i«:« '
Nigeria..............- '
- 5,377— — r
2/Other British V/® Africa * :Cv Vt l6^COU *:*-.’ - >.?■*: *4'
'
3/0ther French Africa...
•
689: ' ; I
~
Algeria and Tunisia. ®-. *• * _* . *
ff
1 j Other than Barbados, Bermuda,' Jamaica, Trinidad,, and Tobago
2/ Other than 00 Id* Coast and Nigeria®
• ’
2J Other than Algeria, Tunisia, and Madagascar
Cottony harsh of rough, of less-than 3/^t>
Imports Sept® 20, 1952» to November 1, 1952
Established Quota (Griobal)
70,00O;0C0
Imroorts
1,057,027
Inroorts
Cottoh 1 - 1 or more, but less than l~ll/l6 tf
lirroorts Feb® 1 9 1952 » to November 12 ,, 1953
Inroorts
—
—
_
—
—
——
^
—
2
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than I-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE; Provided, however, that not more than 33~l/3 percent of the quotas shall
he filled by cotton wastes other than comber wastes made from cottons of 1-3/l6 inches or more
in staple length In the case of the following countries: United Kingdom, Prance, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
United Kingdom • ......*..
Canada
.»»-•.
Prance ..................
British India
Netherlands •......... -.
Switzerland ♦.......... .
Belgium ................ ,
Japan ..................
....
China
Egypt
.... ....
Cuba • *».................
Germany ............. .
I t a l y .... ..............
l/
e Established
9♦- TOTAL QUOTA
•
■»*
: Total imports
: Established :
Imports
xj
: Sept. 20, 1952 to : 33-1/3$ of jSepto 20, 1952 to
teo November 12, 1952 : Total Quota :November 12, 1952
^*323.^57
239.690
227,420
69.627
68,240
44,388
38,559
3^1,535
17,322
s,i35
lho,4o4
13,111
8,964
15,929
—
.-
6,544
76.329
21,263
6,^30
5.US2.509
184,838
Included in total imports, column 2.
Prepared by the Bureau of Customs
1,441,152
—•
75,807
22,747
1U .796
12,853
-
—
13,111
—
15.929
—• ■
m.
m,.
. .
—
torn-
—
_
25,1*3
7,088
1.599.8SS
■-
6,1*30
35.1*70_______
remase
MORncm
—
vm spm m ,
3 í-2- ”3
O
Frlday, jtowtobar 11», 19$2,
tbm Secratory
of tha Xreaaury amaouaotd laat «nrani&g toat ti» tondsrs for
$2,000,000,000, or tharaabouta, of fax Antisipation Serie« 210-day Treaaury Mil« to
**> datad Koreatoer 21, 1952, and to »ature Juna 19, 19», atoich vera offerad on
Hoveaber 7, « s » oponed at toa Federal Raserra Dante on Hovantwr 13.
H É detalla oí tola inane ara ae f aliarai
Total oaliad tac - 13,923*115,000
Total »«captad
- 2,001,987,000
{inalada» 1225,725,000 «atorad on a
no»-campeütiT» basis and acoeptod te
Averaga Pric©
per annua
Kaage of «aceptad eaiapetitive Mdsi
(^xeeptlog o»» tender of $$0,000)
Hl#
(71 perceafc
til© amoont b M í©r at ti» loe jxrice mm aoeepted)
ttomem
Federal
Bistriet
total
total
|
Boston
Be* M
Phi larite!p M fj
9b2,67S,000
112,705,000
23b,100,000
13b,080,000
Cleveland
Tiichaond
Atlanta
88, 320,000
81,281,000
98,312,000
.
Ste Leude
Üám4f#lá»
108.332.000
Kaneaa Citsr
11^8 , 862,000
91,6i»9,000
91»,826,000
299,810.000
lb6,538.000
»,923,115,000
$2,001,987,000
101 765.000
TklU«
San francisco
TOE«.
72,301,000
TREASURY DEPARTMENT
Information Service
WASHINGTON, D.
121
RELEASE M O R N I N G N E W S PAPERS*
Friday, N o v e m b e r 14, 1952,
S-3230
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the
tenders f o r $ 2 , 000,000,000, or t hereabouts, of T ax A n t i c i p a t i o n
Series 2 1 0 - d a y T r e a s u r y b i l l s to be d a t e d N o v e m b e r 21, 1952, and to
mature June 19, 1953, w h i c h w e r e o f f e r e d on N o v e m b e r 7, were o p e n e d
at the Fe d e r a l R e s e r v e B a n k s on N o v e m b e r 13.
The d e t a i l s of this issue are as follows:
Total a p p l i e d f or - $ 3 , 9 2 3 * 1 1 5 , 0 0 0
2,001,987,000
Total a c c e p t e d
Average Price
(includes $ 2 2 5 , 7 2 5 , 0 0 0
e n t e r e d on a n o n - c o m p e t i t i v e
b a s i s a nd a c c e p t e d in full
at the a v e r a g e p r i c e shown
below)
- 9 8 . 9 2 3 / E q u i v a l e n t r a t e s of d i s c o u n t approx.
.1.846$ p e r a n n u m
Range of a c c e p t e d c o m p e t i t i v e bids:
(Ex c e p t i n g one t e n d e r of
$50 ,000)
High
- 99.000 Equivalent
rate of d i s c o u n t approx.
1.714$ per annum
- 9 8 . 9 1 5 E q u i v a l e n t rate of d i s c o u n t 1 . 8 6 0 $
per annum
Low
(7 1 p e r c e n t of the a m o u n t b i d f o r at the l o w p r i c e wa s a c c e p t e d )
Federal R e s e r v e
District
T o tal
A p p l i e d for_______
Boston
$
New York
Philadelphia
Cleveland
153,530,000
1,942,675,000
1 1 2 ,705,000
234.100.000
134.080.000
147.377.000
445.053.000
Richmond
Atlanta
Chicago
St. Louis'
Minneapolis
Kansas City
Balias
San Francisco
108 .332.000
1 0 1 ,7 6 5 , 0 0 0
TOTAL
Total
Accepted
d?
9
88 .320.000
837.321.000
47 .410.000
109 .751.000
81 .281.000
98 .372.000
312 .433.000
60.577.000
148.862.000
94,826,000
56 .034.000
9 1 .649.000
72 .301.000
299.810.000
146.538.000
$3,923,115,000
$2,001,987,000
0O0
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C.
EELEASE, HORNING NEWSPAPERS
Monday, November 17 , 1952 •
S-3231
Secretary of the Treasury Snyder today announced the offering through the
Federal Reserve Banks of an additional amount of 2 percent Treasury Certificates
of Indebtedness of Series C-1953* open ©n an exchange basis, at par and accrued
interest, to holders of 1-7/3 percent Treasury Certificates of Indebtedness of
Series F-1952, maturing December 1, 1952, in the amount of $1,062,63U,000.
Cash subscriptions yo .11 not be received.
At the same time Secretary Snyder announced that the option to call the
2 percent Treasury Bonds of 1951-53 for redemption on March »1$, 1953, v,ras not
exercised.
The certificates of Series C-1953 now offered vri.ll be ah addition to and
will form a part of the series issued pursuant to Department Circular No. 912,
dated August U, 1952. They are identical in all respects with such certificates,
with which they vri.ll be freely interchangeable. The certificates of .this series
are dated August 15, 195*2, and will bear interest from that date at the rate^of
2 percent per annum, payable with the principal at maturity on August 13* 1953 •
They will be issued in bearer form oialy, in denominations of $1,000, $5>Q00,
$10,000, $100,000 and $ 1 ,000 ,000 .
Pursuant to the provisions of the Public Dobt Act of 19U1* as amended,
interest uoon the certificates now offered shall not have any exemption, as
such, under the Internal Fievenue Code, or'laws amendatory or supplementary
thereto. The full provisions relating to taxability are set forth in the
official circular released today.
Subscriptions vri.ll be received at the Federal Reserve Banks and Branches,
and at the Treasury Department, Washington, and should be accompanied by a like
face amount of the maturing certificates. The full amount of interest due on the
maturing certificates will be credited, accrued interest from August l5> 1952,
to December 1, 1952, on the certificates to be issued ($5.91781 per $ 1 ,000 ) will
be charged, and the difference will be paid to subscribers following acceptance
of the maturing certificates. Subject to the usual reservations, all subscrip
tions will be allotted in full.
The subscription books will close for the receipt of all subscriptions at
the close of business Thursday, November 20.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail befoi’e midnight November 20, will be
considered as having been entered before the close of the subscription books.
The text of the official circular follows:
UNITED STATES OF AMERICA
2 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1953
Dated and bearing interest from August 15, 1952
Due August 1$, 1953
ADDITIONAL ISSUE
1952
Department' Circular No. 917
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, November 17, 1952
Fiscal Service
Bureau of the Public Debt
I,
OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest,
from the people of the United States for certificates of indebtedness of the
United States, designated 2 percent Treasury Certificates of Indebtedness of
Series C-1953, in exchange for 1-7/8 percent Treasury Certificates of Indebted
ness of Series F-1952, maturing December 1, 3-952.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates now offered will be an addition to and will form a
part of the series of 2 percent Treasury Certificates of Indebtedness of Series
C-1953 issued pursuant to Department Circular No. 912, dated August U, 1952,
will be freely interchangeable therewith, are identical in all respects there
with, and are described in the following quotation from Department Circular
No., 912:
wl. The certificates will be dated August 15, 1952, and will
bear interest from that date at the rate of 2 percent per annum,
payable with the principal at maturity on August 15, 1953• They
will not be subject to call for redemption prior to maturity.
”2. The income derived from the certificates shall be subject
to all taxes, now or hereafter imposed under the Internal Revenue
Code, or laws amendatory or supplementary thereto. The certificates
shall be subject to estate, inheritance, gift or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now
or hereaf'ter Imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any
local taxing authority.
**3• The certificates will be acceptable to secure deposits of
public moneys, ^hey will not be acceptable in payment of taxes.
-
2
124
-
’’Li. Bearer certificates will be issued in denominations of
51,009, 55,000, 510,000, 0100,000 and 01,000,000. The certificates
will not be issued in registered .form.
”5* The certificates will be subject to the general regulations
of the Treasury Department, now or hereafter prescribed, governing
United States certificates.”
III.
SUBSCRIPTION AND ALLOTMENT
1. Subscriptions vdll be received at the Federal Reserve Banks and Branches
and at the Treasury Department, Washington. Banicing institutions generally may
submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscrip
tion, in whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time with out
notice; and any action he may take in these respects shall be final. Subject
to these reservations, all subscriptions will be allotted in full. Allotment
notices vdll be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par and accrued interest from August 15, 19£2, to December 1,
1952, for certificates allotted hereunder must be made on or before December 1,
1952, or on later allotment. Payment of the principal amount may be made only
in Treasury Certificates of Indebtedness of Series F-195>2, maturing December 1,
1952, which will be accepted at bar and should accompany the subscription. The
full amount of interest due on the maturing certificates vdll be credited, ac
crued interest from .August 15* 1952, to December 1, 195>2, on the certificates to
be issued ($5*91731 per ¡¿1,000) will be charged, and the difference vdll 'be paid
to the subscribers following acceptance of the maturing certificates.
V.
GENERAL PROVISIONS
1. As fiscal agents c£ the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,
to receive payment for certificates allotted, to make delivery of certificates
on full-paid subscriptions allotted, and they may issue interim receipts pend
ing delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the offer
ing, which vdll be communicated promptly to the Federal Reserve Banks.
JOHN W. SNYDER,
Secretary of the Treasury.
STATUTORY DEBT LIMITATION
as
OF
T>i»Sl
October 3 1 , 1952
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued
under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the
United states (except such guaranteed obligations as may be held by the Secretary of the Treasury), "shall not
exceed in the aggregate $275,000,000,000<(Act of June 26, 1946; U.S.C., title 31 , sec. 757b), outstanding at
any one time. For purposes of this section the current redemption value of any obligation issued on a discount
basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount."
. The foil owing table shows the face amount of obligations outstanding and the face'amount which can still
be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding
$ 2 7 5 ,0 0 0 ,0 0 0 ,0C0
Obligations issued under Second Liberty Bond Act, as amended
Interest-beari ng:
Treasury bills
119,711,686,000
Certificates of indebtedness
Treasury n o t e s ...................
Bonds Treasury
Savings (current redemp. value)
Deposi tary
Armed Forces Leave
Investment series...........
Special Funds Certificates of indebtedness
Treasury notes...............
Total interest-bearing
Matured, interest-ceased
1 6 .9 0 1 .9 3 4 .0 0 0
3 6 ,2 7 2 ,0 3 7 ,1 0 0 * 7 2 ,8 8 5 ,6 5 7 ,1 0 0
7 9 ,7 8 1 ,5 2 7 ,9 0 0
5 7 ,7 9 3 ,7 1 0 ,1 2 1
3 9 3 ,1 90 ,5 00
1 3 .4 4 1 .7 0 8 .0 0 0
23,466,215,000
1 4 ,9 2 4 ,2 3 0 ,4 0 0
Bearing no interest:
war savings stamps ................
I
1 ,617,400
Special notes of the United states:
Internat'l Monetary Fund series...
9 8 , 3 9 0 , y , 3 ,;,no
2 6 2 ,6 8 6 ,2 3 9 ,0 2 1
292 ,7 64 ,3 89
47,87 0,87 5
Excess profits tax refund bon d s...
Total
1 5 1 ,4 1 0 ,1 3 6 ,5 2 1
1 *263,000,000
___ 1,312,¿.88,278
264 ,2 91 ,4 91 ,68 5
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H. a . ...................
Demand obi¡gâtions: C.C.C.
Matured, interest-ceased
____
43,195,336
---268,003
4 3 ,4 6 3 ,3 3 9
-1 ,3 3 9 ,8 0 0
4 4,80 3,13 9
Grand total outstanding
Balance face amount of obligations issuable under above authority
Reconcilement with statement of the Public Debt
Outstanding -
Qet©b.er 31. 1952
tDat«r
(Daily statement of the Un ¡ted „states Treasury, U © y ...3 * 1 9 5 2 )
(Oati)
Total gross public debt
.....................................................
Guaranteed obligations not owned by the Treasury
Total gross public debt and guaranteed obligations
Deduct - other outstanding public debt obligations not subject to debt limitation
•OAS .DC
264,336,294,824
10.663.703.176
264,919,493,093
_____ V i, 803,131
264,964,296,232
638,001,408
264,336,294,824
STATUTORY DEBT LIMITATION
AS OF OCTOBER 31, 1952
100
November 18, 1 95* ^
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount
of obligations issued under authority of that Act, and the face amount of obliga
tions guaranteed as to principal and interest by the United States (except such
guaranteed obligations as may be held by the Secretary of the Treasury), »shall not
exceed in the aggregate $275,000,000,000 (Act of June 26, 19i*6$ U.S.C®, title 31*
sec, 757b), outstanding at any one time* For purposes of this section the current
redemption value of any obligation issued on a discount basis which is redeemable
prior to maturity at the option of the holder shall be considered as its face amount#
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitations,
Total face amount that may be outstanding at any one time
$275,000,000,000
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing s
Treasury bills*....... •••••»»*$ 19,711,686,000
Certificates of indebtedness*.* 16,901,931*,000
Treasury notes••••••..••••••*«« 36,272,037,100 $72,885,657,100
Bonds T r e a s u r y . . . . . .
Savings (current redemp*value)
D e p o s i t a r
Armed Forces Leave.....*....*
Investment series••••••.•••.*
^
,
79,701,£27,900
57,793,710,121
y 393,190,500
13,1*1*1,708,000 151,1*10,136,521
Special Funds Certificates of indebtedness. 23 ,1*66 ,215,000
Treasury notes..•••••••...... lU,92h,230,1*00 38,390,1*1*5,1*00
262,606,239,02l
Total interest bearing*.....7
Matured, interest-ceased.•••••••••*••
292, 761*,389
Bearing no interests
War savings stamps...... .
¡*7,870,875
1 ,617,1*00
Excess profits tax refund bonds..
Special notes of the United States:
1 ,263,000,000
Internat*! Monetary Fund series
1,312,1*88,275
Total»,,
© 261*, 291,1*91,685
6
Guaranteed obligations (not held by Treasury) s
Interest-bearings
Debentures; F.H.A. •••.•..••«•«*
1*3,195,336
1*3,1*63,339
Demand obligations; C.C.C* «•••»• ________ 268,003
1,339,800
Matured, interest-ceased............. ••«••*•••••••#
1*1*,803,139
Grand total outstanding....................... .
Balance face amount of obligations issuable under above authority..*
26h9336t29ht&2h
10,663,705,176
Reconcilement with Statement of the Public Debt - October 31, 1952
(Daily Statement of the United States Treasury, November 3, 1952)
Outstanding Total gross public debt..............................
26L*,919,1*93,093
Guaranteed obligations not owned by the Treasury......... ••••••*
W*,803,139
Total gross public debt and guaranteed obligations..••........... 26i*, 961*, ¿96,232
Deduct - other outstanding public debt obligations not subject to
628,001 ,1*08
debt limitation*....................................... .
s-3232
0 \.
mproveiicini in a vital
if the
#i#:i iI 6'ovtrnwi
s that incorporated in
ntornal Revenue fteoroi
at io
f l a n .
i
a st g
w
cooperation in arrangina to
ceremony
taa
w
A -Mi «
'^9“iiS.*
&
O
#ciaticn to all
tave ta
IB
€
% :*? i gj
* 2$ 1 '
0 0 0 i8
3B
8 El
£ 3
0
in strearalinins the Revenu©
uresu* s operations, we have
provided far improved supervision
of e m p l o y e ©
conduct,
and
helped
oi iminato th© t e m p t s t 1on® to which
some employees
-past.
have
succumbed in
There has bear established
n independent inspection Service,
under the direction of another
Assistant Commissioner, which will
maintain t constant check on employé
a'f
ccnouct and watch other Revenue
cI
r> p f
1
I ::;e
f •%#
0 C& IS II i ¿I 1*1tff ô
M
th i
1 i i u u
I fi
V't •
of 0 1 str ict
&
ias iariti .
*f *o # is ft 00 w. p r û V »8 i
in the r©organi
istr ict
1 U 1 1
t »on.
ilfiï I 8 S I Oft8
I* ¿ft& Ü rt.
W
#
i ■f*Ä;
jr 1 1 .
i1 i1 i1 y fur ail
iV 11 1si! 81 the sureau
I11 t fi§1
i $ t o t a r s
A
•
t h r e e -fati
Iw
?1 #
y n 11 &'t i iS.il t lì 0r © â;r ê G $ é 14® 1I
gë à mm
m< ! f
t il ru.s üf «uthor »
U U ÍII S:
la
ii 11 V 1 rosi the ìli ret%*
€is
I M S
over
of the rtorgifiiiition caremon it»s•
In addition, wo have extensively
reorganized the ft#w;qy«ft«rs of
tha Bureau of internal havanue in
Washington.
-* shaii proceed
with reorganization in other
districts, on a- schedule which
calls for completion of the
t* a JL A
rogra«
oy Geoeatoer 1st of this
Pr
u jj
1 1 ar
Under the sai litui direction
of Commissioner of Intern«.! havehue
or a. unfit ft while an old system
:#
was abolished and t new system
installed,
fhjjj Sureau had to
go r i s,ht on collecting the
M o t i o n ’s revenues and doing the
rest of its huge daily job,
while making the changes
called tor in the plan.
J
/ J ’¡ h §
i is the eleventh #re§ in
which the reorganization plan
has been put into e f f e c t .
I have
personally attended all but two
le i
JÊfr
X. &
a lid e d
tu
p r Sfei M
0
.
J¿
i¡%
a
aarri prosperity,
i,1i1 ìlitiflS 1u n s
£ IIS
li 1
1ild i V I d-U
a X
1oc1
U $H ì*ji t a x
ri «
t ion
c
from
i 94 Ö
|a m il 1 ¿ir €
nioe r mi
t n #
L# r
the
o1
r
t- il Ie*Et.ri r s
s a s s o
y H V
iaa ut in
Stf
ns of
al
inds
I 1 íd 0 & 1
&C&
i Vi
I"
m
r ì
Mf I«*
a li
t o r th,& (ooiiiction ut
k
è nds
o f l a ;ic e s * z i nei ih » &p p i f e « 11 o r* o t
s h & rp x y
i n o r &«é tt#cÉ r &t #s ori itio s#
X SàX fifi laJ*I S .ild y ì i'I S X I -§ C 0 ì10 '# »
(*oX X # e t iun ìi# % t i ilfili p 0 r #
di' a s 1 1e &a .aj| Cf'iaiij^u by tli#
ilifi-i-IIA.X »Ai ICif1 0*f tifi# iflCO lìlli X $ X
wì t h h o i d ing s y § 1 e it*
.t iX i a M
i
ht r
campii est io;n fif thè fnf t that
thè
f
apid ri®# in e4rILiri® i11eomes
f o s ee ire ci ekk x e va e io o®-'. th« t fia d
tu o h ciiscovered ano r tetti ite! *
when it collected comparât iv«iy
modest amounts of taxes from
relatively few people, fml been
almost overwhelmed by the
unprecedented demands made on it
in the forld f ir il era.
The
oervice suddenly had to handle
million® of returns from taxpayer
who never before had been
required to pay Federal income
taxes.
it had to assume
responsibility almost overnight
cunt ¡dime;« that 111 j | g o a l s w i ll
hi r e a l i z e d .
fl
¡"he p r e p a r a t i o n of the
fce.organizati©n Plan was a t r e m e n d o u s
t a SK
t
II
* 11vj
overnight«
la S
flut
t(;COIIpi t s h a d
¡'he study given
to the problem covered s e v e r a l
years
o t
intensive
the final d r a f t i n g
$4
ut c o m p l e t e
w o r k ,
of
and
the pl an
after
ÜdT
ÉË.
iil ti
4^ 4s? «i# CJ 11
unii dance
tu b r i t » n
of the puaii
4 i ram tÉÉ V$fY
v-ti
iImI§ÜP^éw
s#
i■f m
•Ji **f
m il
If
¡t i i y m
i. ci
3
hà
jntnusI¡¡¡g 11y ciy y p ^ r ú t Iû fi
fruns the President,
S £ S S :
1
t &i l , iíciiii i | | i oner uuni ap §iîà
h» s associâtes
# u r e a u ,
»
;
th® iroasur-y
in th© K©venue
^
i9I
«.
appr e€ iat© t
' of
l r « f l é *
2
-
isipor tiny«
t ion in
i
lines ut «at'! ôna-l
w e l l
p e r s o n a l endeavor
confident
M
t h e
p
IS i
r
s
P r e s i d e n t ’ s iiw r 'g in i n t i
nan
U
q
.
1 of li&tt -will
ta the taxpayers Of Hit 0 K
Arkansas and Kansa« a
Service fully adequate to
Î
« rat?u #r ft i 2;#cl «fid re v i t a l ! ?ed
federal wevtnut i>trv iue *
entire region is
$P'
^ 'W
identi tied closely with the
M o fleet* in.| era of our country *s
h i s t o r y
Of
9
dacKground*
I
v W
lb fI,HH- ^
R e l e a s e 1 0 a . m . CST ( 1 1 a . m .
T u e s d a y , N o v em b er 1 8 , 1 9 5 2
S t.
M o .,
L o u i s ,/N o v .
E d w a rd H . F o l e y ,
A u d ito riu m f o r
re o rg a n iz e d
18 -
s p e a k in g a t
th e
EST)
U nder S e c r e t a r y
c e re m o n ie s
in s ta lla tio n
to d a y :
th e
T re a su ry
th e M u n ic ip a l
of o ffic ia ls
I n t e r n a l R evenue S e r v i c e
and K a n s a s , s a i d
in
of
o f th e
f o r M i s s o u r i , A rk an sas
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C.
164
Release 10 a.m, CST (11 a.m. EST)
Tuesday, November 18, 195>2_______
S-3233
St# Louis, Mo., Nov. 18 - Under Secretary of the Treasury Edward H*
Foley, speaking at ceremonies in the Municipal Auditorium for the instal
lation of officials of the reorganized Internal Revenue Service for
Missouri, Arkansas and Kansas, said todays
nI am delighted to be with you for these ceremonies which bring to
the States of Missouri, Arkansas, and Kansas a modernized and revitalized
Federal Revenue Service.
"This entire region is identified closely with the pioneering era
of our country*s history, and because of that background, I know that you
appreciate the importance of progressive action in all lines of national
as well as personal endeavor. We are confident that the progressive
action being taken here today, under the authority of the President’s
Reorganization Plan No. 1 of 195>2, will bring to the taxpayers of Missouri
Arkansas and Kansas a Revenue Service fully adequate to meet its increased
responsibilities and fully meriting the confidence of the public.
nFrom the very beginning of the reorganization task we have had
enthusiastic cooperation — from the President, the Treasury staff,Commissioner Dunlap and his associates in the Revenue Bureau®
"The Reorganization Plan is the product of earnest study and dili
gent effort not only by administrative experts of the Treasury Department
and the Revenue Service itself but also by individuals and groups repre
senting the Congress, other Government agencies, business management
firms, and taxpayer organizations — in short, the composite of the most
capable consultants available.
"The goals of this action are a maximum of operating efficiency and
economy, fast, convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues
and the maintenance of unquestioned integrity among the employees of the
Bureau. I have every confidence that these goals will be realized.
"The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight. The'study given to the problem
covered several years of intensive work, and the final drafting of the
plan was not completed until after a long series of preparatory steps had
been taken.
- 2 -
11The elimination of weak spots from the Internal Revenue Service,
and improvements in its operational methods, began at Secretary Snyder's
direction in 19U6, soon after he became Secretary of the Treasury.*
,fOur wartime exoerience in the Service had demonstrated the necessity
for such action. An organization which had worked fairly well in its
earlier years, when it collected comparatively modest amounts of taxes
from relatively few people, had been almost overwhelmed by the unpreced
ented demands made on it in the World War II era. The Service suddenly
had to handle millions of returns from taxpayers who never before had
been required to pay Federal income taxes. It had to assume responsibility
almost overnight for the collection of new kinds of taxes, and the appli
cation of sharply increased rates on those taxes already in existence.
HCollection methods were drastically changed by the installation of
the income tax withholding system. Still another complication was the
fact that the rapid rise in wartime incomes fostered tax evasions that
had to be discovered and rectified.
"The inadequacy of the Revenue Service's equipment and methods was
plainly apparent, and the need for a thorough overhauling was conspicuous.
But temporarily, the problem had to be put aside, So long as the war
continued we had neither the time, the men, nor the machinery to accomplish
the necessary overhauling,
"By 191*6, the situation had changed. More men and women became
available for civilian employment as the strength of the Armed Forces
declined, More machinery became available with the reduction in the
demands for military equipment. It was then that the work of modernizing
the Bureau of Internal Revenue was started.
"Sven as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem.
The period from 191*6 to 19i>2 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about 90
million tax returns of all kinds annually, and in the latest fiscal year
its collections reached the record sum of ;§6 $ billion,
"That, in brief, is the historical background against which reorgan
ization of the Revenue Service is being effected.
"In going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant,
It could not be closed down for a week or a month while an old system was
abolished and a new system installed. The Bureau had to go right on
collecting the Nation's revenues and doing the rest of its huge daily job,
while making the changes called for in the plan.
Ibb
3
166
nThis is the eleventh area in which the reorganization plan has been
put into effect* In addition, we have extensively reorganized the
headquarters of the Bureau of Internal Revenue in Washington* We shall
proceed with reorganization in other districts, on a schedule which calls
for completion of the program by December 1st of this year*
“Under the skillful direction of Commissioner of Internal Revenue
John B* Dunlap* and his associates, the transition is being accomplished
smoothly and without inconvenience to taxpayers*
“Reorganization Plan No* 1 is not a complicated blueprint understand-*
able only b y experts* It is simple*
“One of its provisions is to eliminate all non-career offices in
the Revenue- Service, with the single excepti on of the Commissioner of
Internal Revenue* Every post in the service, with that one exception,
will now be filled by Civil Service appointees*
“Another important feature is the simplification and streamlining of
administrative authority, so as to eliminate complexities for the taxpayer
and improve methods of supervision*
“Here is how the St. Louis District will be administered*
“In the State of Missouri, the office of a Director of Internal
Revenue is being established for each of two areas, with the offices located
in St. Louis and Kansas City*
“In Arkansas there will be one Director with his office in Little
Rock, and in Kansas there will be one Director with his office in Wichita*
“These four Directors replace the former Collectors of Internal
Revenue for the three States, and the offices of the Directors are in the
same cities as were the offices of the Collectors*
“Each Director will maintain supervision over all Federal Revenue
Service matters within his particular collection district* Taxpayers are
assured of improved service and greater convenience because henceforth the
Director, or his local representative, will be responsible for complete
handling of all Federal tax matters in his locality* For convenience,
local representatives will be stationed throughout these three states
in 101 presently located offices and posts of duty*
“For purposes of general area supervision and coordination of local
tpc administration, there is being established in St. Louis the office of
District Commissioner* This office is a new provision in the reorganization*
The District Commissioner for St. Louis' has full responsibility for all
field activities of the Bureau in the four Directors1 offices in the three
-
h -
1G7
States* Under this reorganization there are clear and direct lines of
authority and accountability from the Directors of Internal Revenue to
the District Commissioner and from the District Commissioner to the
Commissioner in Washington«
’»One of the members of the District Commissioner’s staff will be the
Assistant District Commissioner for Intelligence* Under his direction
there will be intensified efforts to see that every fraudulent attempt to
evade Federal taxes will bring quick investigation and action*
’’The task of fighting tax frauds never was an easy one* In recent
years the criminal element has attempted tax evasion with greater
persistence than ever before* It is our determination that this persist
ence will be met by the special agents of the Revenue Service with even
greater enforcement diligence* The Assistant District Commissioner for
Intelligence will see that the full limit of available manpower is
applied to the tax evasion problem*
”In streamlining the Revenue Bureau’s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past* There
has been established an independent Inspection Service, under the direction
of another Assistant Commissioner, which will maintain a constant check
on employee conduct and watch other Revenue Service activities as well*
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust* The work of Congressional investigative groups has had, and will
continue to have, our full cooperation*
”In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts* I am confident that our
selections for the office of District Commissioner here in St. Louis and
the offices of Director of Internal Revenue in Kansas City, Wichita,
Little Rock, and here, will measure up to every expectation*
” 1 am proud, as I know you are, of the economic importance of this
three-state region. It includes a substantial part of the wheat belt, a
substantial part of the cotton belt, and a substantial part of the great
industrial enterprises that have marked the forward progress of our
Nation» Occupying as this region does an important geographical position
between the East and the West and the North and the South, it is also one
of the great trading areas of our country*
’’The city of St. Louis, which has been chosen as the location for
the headquarters of this Internal Revenue District, was the first real
gateway between the East and the West. For more than fifty years before
- 5 -
163
Missouri became a state, St* Louis had been an outpost of civilization
in the western wilderness« Since the days when pioneers- streamed through
the town on.their eager ventures to settle the West and the Far West,
St« Louis has grown in size until it is now the eighth largest city in
the United States« Through the years it has assimilated successive
groups of settlers, blending them into the rich cultural pattern arid the
thriving industrial community it is today«
’’The development of these States since pioneer days has been
spectacular. But progress has not ceased. During the past decade many
new heights of prosperity have been recorded for this region and its
people*
’While income payments to individuals in the country as a whole have
tripled since 19lt0, this pivotal region has done even better« The
percentage gain in these three States was 9 percent greater than that for
the Nation. Last year alone, this region showed a 12 percent increase
over the previous year« The gain in 1951 is all the more significant
because it was in that year that a large portion of this area experienced
the most costly and destructive flood in all its history, with attendent
loss to the productivity of many of your farms and. some of your industries«
”As your economy has been expanding, so has its importance to our
country’s revenue system been growing«
”In the 19l;0 fiscal year, the St. Louis District embraced a population
of about 7.5 million individuals who filed about 260,000 income tax returns*
By fiscal 1952 the number of individual income tax returns filed had
increased to well over 2«8 million *•« a tenfold increase since 19i;0« During
this same period, the total number of tax returns filed in the St. Louis ■
District increased from 83^,000 in 19h0 to almost ii-l/2 million in the
fiscal year 1952* Total Federal tax collections for this district in the
past fiscal year amounted to more than $ 2*6 billion*
”It has given me a great deal of personal satisfaction to meet here
today with the enterprising and courageous citizens of the St, Louis
District, and to bring to a region so progressive and a people so forward«*
looking, an improvement in a vital service of the Federal Government such
as that incorporated in the Internal Revenue Reorganization Plan«
”We have had most generous cooperation in arranging today’s ceremony*
I want to express our warm appreciation to all those who have taken a part
in making this occasion possible«
”It is my firm belief that the result of today’s reorganization
proceedings here, and those held or to be held throughout the Nation, will
be to give the American people a Revenue Service of maximum efficiency and
operating economy, manned by employees of unquestioned integrity*”
o0o
eai
J
REIEASE m U d NMSPAFERS,
Tuesday, November 18, 1952*
The Secretary of the Treasury announced last evening that the tenders Tor
♦1 ,300 ,000,000, or thereabouts, of 91-day Treasury bills t© be dated November 20, 1952,
and to mature February 19, 1953, which were offered on November 13, were opened attha
Federal Reserve Banks on November 1?.
The details of this issue are as followst
Total applied for - $1,90&*Q7$*000
Total accepted « 1,300,719,000
(includes 1231,706,000 entered on a
Average price
non-competitive basis and accepted in
full at the average price shown below)
- 99*526 Equivalent rate of discount approx» 1.877# per annum
Range of accepted competitive bids;
High
Lour
~ 99.562 Equivalent rate of discount apprese. 1*733# per annua
- 99*520
«
»
» «
*
1.8995 * "
(là percent of the amount bid for at the low price was accepted)
Total
Total
Federal Reserve
A
pplied for
Accepted
District
I 17.0U3,000
# 17,01)3,000
Boston
816,803,000
1,360,9U3.000
Hew York
13,895,000
28,895,000
Philadelphia
3
5,81(5,000
35,8U5,000
Cleveland
30,039,000
30 ,039,000
Richmond
23,856,000
23,856,000
Atlanta
12U.732.000
167,652,000
Chicago
33,392,000
31i.5l2.ooo
St. Louis
16,689,000
16 ,689,000
Minneapolis
UU,607,000
là,607,00 0
Kansas City
là,235,000
Dallas
là,291,000
99.583,000
100,703,000
San Francisco
,1,300,719.000
TOTAL 11,905,075,000
TR EA SU R Y
D EPARTM EN T
Information Service
170
RELEASE MORNING NEWSPAPERS,
Tuesday, November 18, 1 9 5 2 .
S-3234
The Secretary of the Treasury announced last evening that the
tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills
to be dated November 20, 1952, and to mature February 19, 1953,
which were offered on November 13, were opened at the Federal Reserve
Banks on November 17.
The details of this issue are as follows:
Total applied for - $1,905,075,000
Total accepted
- 1,300,719,000 (includes $231,706,000
entered on a non-competitive
basis and accepted in full at
the average price shown
below)
Average price
- 99.526 Equivalent rate of discount approx.
1.877$ per annum
Range of accepted competitive bids:
High
r- 99.582 Equivalent rate
1.733$
- 99.520 Equivalent rate
1.899$
How
W
of discount approx.
per annum
of discount approx.
per annum
percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
$
New York
Philadelphia
C le v e la n d
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C ity
Dallas
San F ran cisco
TOTAL
17,043,000
1,360,943,000
28,895,000
35.845.000
30.039.000
23 .85 6 . 0 0 0
167 , 6 5 2 , 0 0 0
34.512.000
1 6 .6 8 9 .0 0 0
44.607.000
44.291.000
100,703,000
$1,905,075,000
0O0
Total
Accepted
$
1 7 ,0 4 3 , 0 0 0
8 1 6 .8 0 3 . 0 0 0
1 3 .8 9 5 . 0 0 0
35.845.000
30.039.000
2 3 .8 5 6 . 0 0 0
•
124.732.000
33.392.000
1 6 . 6 8 9 .0 0 0
44.607.000
44.235.000
99.583.000
$1,300,719,000
I ll
resolve
*
was the
Sfscret
of the T
present
*
$
*
*
#
#
*
*
*
INSERT:
Under S e c r e ta r y F o ley introduced S e c r e ta r y Snyder as the
p r i n c i p a l speaker*
He r e f e r r e d to the S e c r e ta r y as "the man
who m otivated r e o rg a n iz a tio n o f the Revenue S e r v ic e from the
v e ry s t a r t ,
saw i t
and whose guidance, i n s p i r a t io n and firm resolve
through to accomplishment*M
0O 0
SVI K
have had similar cooperation in
«%1
■ik
every locality where these in
lave
es to me
s sir'
Ck U
V A
forward
that the improved procedures
king personne
%.
o Iy
h «
‘J *
«Wf
il i
m
I{ U
ITT I C
€3L U f
oy,
¥
«°*
•a
^built-in'* assurances of trustworthy
nerfor
provi
co
îin w v
vï Y f
R
-4 fS
î*l *1
F
« «i
I»
5
EvH
It is the largest Bureau of the
Treasury Department, and one of the largest
in the entire government,
What we are to do here today is bring
up to date the structure and the operating
procedures of this very vital arm of the
Government,
I
1 I want to express to the people of
the five States of Arizona, Colorado, New
Mexico, Utah and Wyoming, comprising the
Denver District,
and to their local official
our appreciation of your hospitality and
the cooperation which we have had in
arranging for this ceremony.
.
—T
"
.■
III
government as well as the financial affairs
of the taxpayer himself*
Therefore,
it is
very much to the taxpayer f$ interest that
we
are now inaugurating a new and better
manner of admini ster ing the Revenue Bureau'!
'
responsib ilities.
-
t
The duties of the Bureau involve not
only receiving and processing the tax
reports of tens of millions of Americans
each year, but also the handling of tax
returns from partnerships and corporations,
excess profits taxes, the excises on
cigarettes and liquor and jewOlry and many
other items, the taxes on the gains of
one"of
^
W
%¡sí-V %>%& •
government in the history of this country.
an now
i on
race i
bn
m
h a 1 fü i n 9
Your
*5 <3>
On behalf of the Treasury Department,
I want to welcome all of you warmly to
these proceedings, the purpose of which is
to institute for the States of Arizona,
Colorado, New Mexico, Utah and V/yoming, a
basic improvement in the organization and
methods of the Bureau of internal Revenue,
\i
These five States form a region which
for purposes of internal Revenue Service
adminiatrat ion will be known hereafter as
the Denver District.
'lThe action which we are taking to
reorganize the Revenue Service embodies
Release 10:00 a.m. MST (12:00 noon EST)
Tuesday, November 25, 1952___________
s-
Denver, C o l o ., Nov* 25 - Under S e c r e ta r y o f the Treasury
Edward H. F o le y ,
speaking a t ceremonies in the Barnes School
o f Commerce Auditorium fo r th e i n s t a l l a t i o n o f o f f i c i a l s
of
the reorgan ized I n te r n a l Revenue S e r v ic e fo r Arizona, Colorado,
New Mexico, Utah and % om ing,
s a id to d ay:
u0n b e h a l f o f the • • • • • •
TREASURY DEPARTM ENT
Information Service
Release 10;0Ö a.m. MST (12:00 noon EST)
Tuesday, November 2%s 19^2
_________
WASHINGTON, D .C.
179
S-323?
Denver, Colo,, Nov# 1$ - Under Secretary of the Treasury Edward H.
Foley, speaking at ceremonies in the Barnes School of Commerce Auditorium
for the installation of officials of the reorganized Internal Revenue
Service for Arizona, Colorado, New Mexico, Utah and Wyoming, said today:
"On behalf of the Treasury Department, I want to welcome all of you
warmly to these proceedings, the purpose of which is to institute for
the States of Arizona, Colorado, New Mexico, Utah and Wyoming, a basic
improvement in the organization and methods of the Bureau of Internal Revenue,
"These five States form a region which for purposes of Internal Revenue
Service administration will be known hereafter as the Denver District#
’The action which we are taking to reorganize the Revenue Service
embodies one of the most progressive steps in good government in the his
tory of this country# As you know, the Reorganization Plan now being placed
in effect received a few months ago the overwhelming approval of the Congress#
Your support of it, as indicated by your presence here this morning, is
gratifying to all who have had a hand in making this action possible#
"The manner in which the Bureau of Internal Revenue functions is of
direct concern to every taxpayer. Its activities affect the welfare of the
taxpayer*s government as well as the financial affairs of the taxpayer him
self. Therefore, it is very much to the taxpayers interest that we are now
inaugurating a new and better manner of administering the Revenue Bureau* s
responsibilit ie s.
"The duties of the Bureau involve not only receiving and processing the
tax reports of tens of millions of Americans each year, but also the handling
of tax returns from partnerships and corporations, excess profits taxes, the
excises on cigarettes and liquor and Jewelry and many other items, the taxes
on the gains of gamblers, and a long list of other levies#
"In addition to collecting and recording these taxes, the Bureau checks
the accuracy of returns, investigates a large number of them in detail, col
lects billions in taxes not voluntarily reported and makes refunds on over
payments running into billions.
2
’»That is still not the last of the Bureau’s duties. It has
additional tasks such as issuing permits for distillers and the
manufacturer of firearms, and the supervision of various angles of
the alcoholic beverage business,
”It is the largest Bureau of the Treasury Department, and one of
the largest in the entire government,
"What we are to do here today is bring up to date the structure
and the operating procedures of this very vital arm of the Government*
”1 want to express to the people of the five States of Arizona,
Colorado, New Mexico, Utah and Wyoming, comprising the Denver District,
and to their local officials, our appreciation of your hospitality and
of the cooperation which we have had in arranging for this ceremony.
”We have had similar cooperation in every locality where these in
stallations have taken place. This signifies to me that the improved
procedures, the forward-looking personnel policy, the advanced design
for operating efficiency, and the ’built-in 1 assurances of trustworthy
performance which the Reorganization Plan provides have won full public
confidence,
”It is my firm belief that this public confidence will prove well
placed.”
Under Secretary Foley introduced Secretary Snyder as the principal
speaker. He referred to the Secretary as ’’the man who motivated re*»
organization of the Revenue Service from the very start, and whose
guidance, inspiration and firm resolve saw it through to accomplishment#”
0O 0
- 33 £81
the fact that total income payments
to individuals in this two-state
area amounted to $14 billion last
year, as compared with a little over
1/2 billion in
increase
in this region was 32 percent
greater than for the country as a
whole during the same period.
'/
It is with real satisfaction
that we bring to the enterprising
citizens of such an enterprising
region of America an improvement in
income tax returns
in the
of tax returns filed in
our great producers of aircraft and
aircraft parts, barges and boats,
trailers, tractors, and numerous
other items so essential to the
successful outcome of our defense
effort.
Equally impressive is the ever
growing importance of these two
States to our country’s revenue
system.
'
In the 1952 fiscal year there
were almost 3-1/2 million individual
been more vital than in
your
your increasingly
force are being
ut i1 ized in s
bu iId
for our
str i es
are being rapidly
to
urgent
naval construction
is one
Director of Internal Revenue in
Austin, Oklahoma City, and here,
will also measure up to every
expectat ion.
*
Better service to the American
citizens and better service to the
Nation have real meaning for the
people of Texas and Oklahoma, whose
history is replete with contributions
to America’s progress.
Certainly at
no time in our history have your
contributions to America’s strength
our
rvice,
maintain a constant check
e n f o r c e m e n t df
Ass istant
ioner
24
e v e r y f r a u d u l e n t a t t e m p t to e v ad e
F e d e r a l t a xes w i l l bring quick
i n v e s t i g a t i o n and action.
t/
The task of f i g h t i n g tax
f r a u d s never w a s an easy o n e .
In
r e c e n t y e a r s the c r i m i n a l e l e m e n t
has a t t e m p t e d tax e v a s i o n w i t h
g r e a t e r p e r s i s t e n c e than ever b e f o r e .
It is our d e t e r m i n a t i o n that this
p e r s i s t e n c e w i 11 be m e t by the
s p e c i a l a g e n t s of the R e v e n u e
S e r v i c e w i t h even g r e a t e r
are clear and d i r e c t 1 i
ity and
D i r e c t o r s of Internal
Revenue
and
e District
istrict C o m m i s s i o n e r
to the C o m m i s s i o n e r
in ! s
//
istrict C o m m i s s i o n e r ’s stg.fix
e Assistant District
ni i S o
for I n t e l l i g e n c e
Under his d i r e c t i o n
i n t e n s i f ied e f f o r t s
ere w ill
For p u r p o s e s of g e n e r a l area
'
s u p e r v i s i o n and c o o r d i n a t i o n of
l o cal tax a d m i n i s t r a t i o n , there is
b e ing e s t a b l i s h e d in D a l l a s the
o f f i c e of D i s t r i c t C o m m i s s i o n e r .
T h is o f f i c e is a new p r o v i s i o n in
greater convenience
ause h e n c e f o r t h the Oirec
locality.
For c o n v e n i e n c e ,
local
duty.
w i t h i n his p a r t i c u l a r
collection district.
Taxpayers
are assured of i m pr o v e d s e r v i c e
ver
19 -
Im p r o v e
of s u p e r v i s i o n .
Is now
istrict will be
if
a
In the S t ate of
of a
4»
lnternal
R e v e n u e iO
w
O f f
n
I
If
In
D i r e c t o r , w i t h his o f f i c e in
one
e l i m i n a t e all n o n - c a r e e r o f f i c e s
in the R e v e n u e service, wi
s i n g l e e x c e p t i o n of tf1
C o m m i s s i o n e r of I
F
1 Revenue.
ervice, wi
at one exce p t i o n, will
Civil S e r v i c e a p p o i n t e es .
ifiîpo r T ®
f e at u r e
is the s i m p l i f i c a t i o n
of a d m i n i s t r a t i v e
so as to elimina
di rect ion
of A Gomwissi oner of Inter nal
R e v e n u e
w i t h o u t i n c o n v e n i e n c e to
taxpayers.
Keorgani zat ion Plan No. 1
is not a c o m p l i c a t e d b l u e p r i n t
w
m
u n d e r s t a n d a b l e only by experts.
It is simple.
y One of its p r o v i s i o n s is to
i nto
a d d i t i o n , we
reorganized
prog
I3
ke
not
be c l o s e d
factory, or an
for a
or a
iie an
c o l l e c t ing
Nat i o n ’s
for in the plan,
is is the t w e l f t h a
i H
r e o r g a n i z a t i o n plan has be en
receives about 90 million tax
returns of ail Kinds annually,
sum of $60 billion.
Zétion of
service
If 6
had to r
of Internal
the filaeh ifiery to accomplish
ecessurv o
s u l i n WK
e .
By 1946,
ofH.iiLecf.
Hr
i t . ' *4» i A.
a I •t§" U
a X !0
it i
f*
lltfe
M o r e w o n àiiu * o m e n
became available for civili
&. o
iiie
Ar ifie.c! F
k
ft
Ì
^ %
*ar
& n
eno
¡m .
4«
ia X I 11 fc# Cl •
iWO f
it!ag h iilar y became available w i
the reduo tior» in the demands
military equipment.
It
if»db
that the wor« of moderni z ino
e Bureau of
i\ @3 v/ a
r
SOS
~ i x
Q 0 hîù
I I cat ! I
* rapid
w « S
rise
-
L
i
f\ 4’
f iw»
«4» »■' 4*
i» IS
%»
in » a r t ime
incomes
%%¿-y\ «In
stared tax evasions that
ffck jk
i«covered and rectified.
ii
inadequacy o
lit v e n u e
f«e
',b
s e r v i c e ’s
»!
11 i
a 3 t¥ 3 p la i 11jLy a p 13a i *n
need
for
m
l
m
a thorough o v e r h a u l ! n k4
| cunspicuous.
Bu t
temporarily,
u t a s io e .
o lone
d ©
aa neith*v
a.
h
Iipv
Ti I
I
men, nor
the tiureau, scrupulous protection
of the Government revenues, a
maintenance of unquest io
im
e
_ Jt
o f
a
eau.
1 have every
confidence that
i 11
reali zed.
qoals
repr esent «nu ‘the Con
bovernwent au eric tes, nus iness
management tir ms, a
P a v e r
ganizations -- in short, t
U1
ite of the N
cum
d
I
li 1
û
c,
V H I Jyft b,JLB #
Cl li X H
«
©■■ i
a
T*iSk
V*f'
&
f 1£*4
*%
jgj
w*
et ion are
ting efficiency
*§*
1:8 X
j
,
accurate
service to
persons transact ina busi
» f> i*# *
79 0
WI
ì
t/~^—>
r e o r g a n iz a t ion tssk
have
enthusiastic cooperation
the Presiuent,
Treasury Staff »
mi ss Ioner
a P
his
é,
In
R©organi
Bureau.
on Plan is
t of earnest study a
i1 igent
in istrat ive experts of the
Treasury Depar
Revenue oervice it
n n Iwl
also
bfS
-
3 -
its increased responsibilities
fully meriting the confidence
of
c .
you know, has
S
been selec
ipa
the
m
¡tw è * - ¿ jd * v * * * * '
Internal Revenue district.
This city is
for which
ki
s section of
is
From a log hut built in
41 on
ank of the Trinity
2
BIS
1 11 is a
ure
to be here in
to take a
p e r s o n a l pa rt
our
der m
rev it a l i ¿e
m
Federal Revenue Serviee
t a te s
Texas a
\'
entersriIins
vigor
til 0 I
o r e a t a c c a m p i is
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pi& «
11
is
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more
In fo S e rv ice
h e a d in g
RELEASE 1 0 A .M . CST
W e d n e s d a y , N ov* 1 9 , 1 9 5 2
J o h n W.
D a lits ,
T e x ., N ov. 1 9
S n y d e r,
s p e a k in g
of th e S c o t t i s h
R ite
to d a y :
at
-
S e c re ta ry
c e re m o n ie s
T e m p le f o r
i n t e r n a l R evenue S e r v i c e
s a id
S~
in
^ sam e a s
o f th e
t h e A u d ito riu m
th e i n s t a l l a t i o n
o ffic ia ls
T re a su ry
o f new
f o r T e x a s a n d O k lah o m a
TREASURY DEPARTMENT
Information Service
Wa s h in g t o n , d .c .
217
RELFASE 10 A.M. CST
Wednesday, Nov« 19j 1952
S-3236
Dallas, Tex*, Nov. 19 - Secretary of the Treasury John W. Snyder,
speaking at ceremonies in the Auditorium of the Scottish Rite Temple
for the installation of new Internal Revenue Service officials for
Texas and Oklahoma, said today:
"It is a great pleasure for me to be here in Dallas to take a personal
part in the installation of our modernized and revitalized Federal Revenue
Service for the States of Texas and Oklahoma.#
»This part of the country is well known for the enterprising vigor
and the capacity for great accomplishment of its people. It is a section
where the »dare to do» is more than a mere slogan.
»Such people appreciate the importance of progressive action in all
lines of endeavor — - national as well as personal. We are confident that
the progressive action being taken here today, under the authority of the
President’s Reorganization Plan No. 1 of 195>2, will bring to the taxpayers
of Texas and Oklahoma a Revenue Service fully adequate to meet its
increased responsibilities and fully meriting the confidence of the public.
»Dallas, as you know, has been selected as the home of the principal
headquarters for the Texas-Oklahoma Internal Revenue district. This city
is typical of the kind of achievement for which this section of the country
is noted. From a log hut built in 18U1 on the bank of the Trinity River^
Dallas has grown to.a great manufacturing, financial and distribution
center. It is the largest inland cotton market in the country and it is
the center of the Nation’s oil production. It is fitting that this
progressive city should constantly be enlarging the many ways in which it
serves this most progressive region.
’’From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley,
the Treasury Staff, Commissioner Dunlap and his associates in the Revenue
Bureau#
»The Reorganization Plan is the product of earnest study and diligent
effort not only by administrative experts of the Treasury Department and
the Revenue Service itself but also by individuals and groups representing
-
2
-
218
the Congress, other Government agencies, business management firms, and
taxpayer organizations — in short, the composite of the most capable
consultants available*
"The goals of this action are a maximum .of operating efficiency and
economy, fast, convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau® I have every confidence that these goals will be realized.
"The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight. The study given to the problem
covered several years of intensive work, and the final drafting of the
plan was not completed until after a long series of preparatory steps had
been taken*
"The elimination of weak spots from the Internal Revenue Service, and
improvements in its operational methods, began at my direction in 191*6 ,
soon after I became Secretary of the Treasury*
T,0ur wartime experience in the Service had demonstrated the necessity
for such action* An organization which had worked fairly well in its
earlier years, when it collected comparatively modest amounts of taxes from
relatively few people, had been almost overwhelmed by the unprecedented
demands made on it in the World War II era* The Service suddenly had to
handle millions of returns from taxpayers who never before had been required
to pay Federal income taxes. It had to assume responsibility almost
overnight for the collection of new kinds of taxes, and the application
of sharply increased rates on those taxes already in existence.
"Collection methods were drastically changed by the installation of
the income tax withholding system. Still another complication was the fact
that the rapid rise in wartime incomes fostered tax evasions that had to
be discovered and rectified*
,
"The inadequacy of the Revenue Service1s equipment and methods was
plainly apparent, and the need for a thorough overhauling was conspicuous.
But temporarily, the problem had to be put aside. So long as the war con-*
tinued we had neither the time, the men, nor the machinery to accomplish the
necessary overhauling.
"By 191*6, the situation had changed. More men and women became
available for civilian employment as the strength of the Armed Forces declined.
More machinery became available with the reduction in the demands for military
equipment. It was then that the work of modernizing the Bureau of Internal
Revenue was started.
"Even as we took the first steps,
its attendant prosperity, added to the
from-191*6 to 19^2 saw a large increase
both individual and corporate, and tax
our rapid postwar reconversion, with
dimensions of the problem. The period
in the number of income tax returns,
collections increased proportionately.
- 3 -
219
Today the Bureau of Internal Revenue receives about 90 million tax returns
of all kinds annually* and in the latest fiscal year its collections
reached the record sum of
billion.
"That, in brief, is the historical background against which reorgani
zation of the Revenue Service is being effected.
’’In going about this task, we had to remember constantly that the
Bureau of Internal Reyenue is not like a factory, or an assembly plant. It
could not be closed down for a week or a month while an old system was
abolished and a new system installed. The Bureau had to go right on col
lecting the Nation’s revenues and doing the rest of its huge daily job,
while making the changes called for in the plan.
’’This is the twelfth area in which the reorganization plan has been
put into effect. I have personally attended all but three of the reorgani
zation ceremonies. In addition, we have extensively reorganized the head
quarters of the Bureau of Internal Revenue in Washington. We shall proceed
with reorganization in other districts, on a schedule which calls for
completion of the program by December 1st of this year.
’’Under the skillful direction of Commissioner of Internal Revenue
John B. Dunlap, and his associates, the transition is being accomplished
smoothly and without inconvenience to taxpayers.
’’Reorganization Plan No. 1 is not a complicated blueprint understand
able only by experts. It is simple.
’’One of its provisions is to eliminate all non-career offices in the
Revenue Service, with the single exception of the Commissioner of Internal
Revenue. Every post in the service, with that one exception, will now be
filled by Civil Service appointees.
’’Another important feature is the simplification and streamlining of
administrative authority, so as to eliminate complexities for the taxpayer
and improve methods of supervision.
’’Here is how the Dallas District will be administered,
”In the State of Texas, the office of a Director of Internal Revenue
is being established for each of two areas, with the offices located in
Dallas and Austin.
”In Oklahoma there will be one Director, with his office in Oklahoma
City,
’’The three Directors replace the former Collectors of Internal Revenue
for the two states, and the offices of the Directors are in the same cities
as were the offices of the Collectors.
-
k -
*¡8ifflii'"''
¿¿Q
’•Each Director will maintain active supervision over all Federal
Revenue Service matters within his particular collection district*
Taxpayers are assured of improved service and greater convenience because
henceforth the Director, or his local representative, will be responsible
for complete handling of all Federal tax matters in his locality. For
convenience, local representatives will be stationed throughout these three
collection districts in 97 presently located offices and posts of duty.
“For purposes of general area supervision and coordination of local
tax administration, there is being established in Dallas the office of
District Commissioner, This office is a new provision in the reorganization.
The District Commissioner for Dallas has full responsibility for all field
activities of the Bureau in the two States of Texas and Oklahoma. Under
this reorganization, there are clear and direct lines of authority and
accountability from the Directors of Internal Revenue to the District
Commissioner and from the District Commissioner to the Commissioner in
Washington.
"One of the members of the District Commissioner’s staff will be the
Assistant District Commissioner for Intelligence. Under his direction
there will be intensified efforts to see that every fraudulent attempt
to evade Federal taxes will bring quick investigation and action.
"The task of fighting tax frauds never was an easy one. In recent
years the criminal element has attempted tax evasion with greater persistence
than ever before. It is our determination that this persistence will be
met by the special agents of the Revenue Service with even greater enforce
ment diligence. The Assistant District Commissioner for Intelligence will
see that the full limit of available manpower is applied to the tax evasion
problem.
"In streamlining the Revenue Bureau’s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past. There has
been established an independent Inspection Service, under the direction
of another Assistant Commissioner, which will maintain a constant check
on employee conduct and watch other Revenue Service activities as well,
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust. The work of Congressional investigative groups has had, and will
continue to have, our full cooperation.
"In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available .would be named to
the positions of District Commissioner of Internal Revenue, Director
of Internal Revenue, and other supervisory posts. It gives me extreme
pleasure to tell you that a native son of Texas, and one of Dallas*
distinguished citizens, John B. Dunlap, who has served so excellently as
Commissioner of Internal Revenue in Washington* will now become the
District Commissioner for the new Dallas District. I am confident that
/•■>r \ ..a
¿ 21
- 5 -
our selections for the offices of Director of Internal Revenue in Austin.
Oklahoiiia City, and here, will also measure up to every expectation*
“Better service to the American citizens and better service to the
Nation have real meaning for the people of Texas and Oklahoma, whose
history is replete with contributions to America’s progress* Certainly
at no time in our history have your contributions to America’s strength
been more vital than in the present defense emergency. Once again your
rich resources and your increasingly skilled labor force are being utilized
in substantial part to build impregnable defenses for our Nation* "* Your
petroleum, chemical and nonferrous metal industries are being rapidly ex
panded to meet urgent defense needs* Military and naval construction
likewise are rapidly expanding* Texas is one of our great producers of
aircraft and aircraft parts, barges and boats, trailers, tractors, and
numerous other items so essential to the successful outcome of our defense
effort*
“Equally impressive is the ever growing importance of these two
States to our country’s revenue system.
“In the 1952 fiscal year there were almost 3-1/2 million individual
income tax returns filed in the two-state area which now comprises the
Dallas District — an almost tenfold increase since 19^0. The total number
of tax returns filed in this district in fiscal 1952 amounted to over 5
million, as compared with 962,000 in fiscal I9 h 0, Federal tax collections
from these States in the past fiscal year were over 32-3/U billion*
..
Progress of th® People of this region is evidenced by
the iact that total income payments to individuals in this two-state area
amounted to :>lh billion last year, as compared with a little over ¿3 -1 /2
biUion m 19h0. The increase in this region was 32 percent greater than
lor the country as a whole during the same period*
^ ds
citizens of such
vital service of
Internal Revenue
^eal satisfaction that we bring to the enterprising
an enterprising region of America an improvement in a
the Federal Government such as that incorporated in the
Reorganization Plan.
«IT ,,7
'We have had most generous cooperation in arranging today's ceremony,
i want to express our warm appreciation to all those who have taken a part
m making this occasion possible.
It is my firm belief that the result of today’s reorganization
hA°+!!e<^ ngS4.uer?* a?d those held or to be held throughout the Nation, will
Ve the American PeoPlP a Revenue Service, of maximum efficiency and
peratmg economy, manned by employees of unquestioned integrity.”
oOo
J
job of District Commissioner
right here in his own home town.
"I can only wish for him health
and happiness commensurate with the
success he has already attained and
which I am sure he will continue to
have in this new and very important
ass ignment."
-
I
-
courage, and determination.
"His love for the Bureau of
Internal Revenue is,
I am sure,
matched only by his affection for
Texas.
So from today it is no
longer necessary for him to choose
between his desire to serve the
Bureau in a position of key
importance and his yearning to
return to the Lone Star State, for
he will now be able to devote his
tireless drive and energy to the
H
carrying out the management
improvement program for the
Bureau of Internal Revenue that
had been developed since World War II,
and which culminated in Reorganization
Plan Number 1 of 1952, which we are
today effectuating for this area by
installation of the officials of
the Dallas District.
"Throughout his labors in
w
Washington, Commissioner Dunlap
has performed his duties with candor,
6
been upon him as he guided the
Bureau of Internal Revenue through
one of the most perilous periods
in its history.
With firm resolve
he set out to identify and remove
the relatively few officials and
>
employees unworthy of their high
public trust and to establish
permanent safeguards to insure a
thoroughly honest career service.
He cooperated fully with the officials
of the Treasury Department in
!
F
Commissioner of Internal Revenue.
"With this record of superior
career service in every major area of
tax administration in mind,
it was an
easy decision for me to recommend him
to the President as the best possible
man for appointment as Commissioner
of Internal Revenue -- which office
he assumed on August 1, 1951.
"From that day to this, not only
the eyes of Texas, but the piercing
scrutiny of the entire country, have
E
"In April 1947, Mr. Dunlap
became Acting Collector of Internal
Revenue and in March 1949, he was
appointed Collector of Internal
Revenue at Dallas.
"Less than a year later he was
appointed
Internal Revenue Agent in
Charge, Dallas Division,
in February
1950, and from this post he was
called to Washington in April of 1951
to become the Director of the Special
Tax Fraud Drive in the office of the
D
the rank which he now holds with the
22nd Armored Division of the active
reserve; and, the intimate knowledge
about the field operations of the
Bureau of Internal Revenue which he
had acquired on the front line from
his service as deputy collector in
the office of the Collector of Internal
.i
Revenue, Dallas, beginning in 1934,
and his subsequent service as
Assistant Chief and Chief of the
Field Division.
c
Service as a special task force on
postwar field management problems.
His work as a member of this group
reflected
his training in Business
Administration at Southern Methodist
University; his business experience
while engaged in highway construction
work; his leadership while in military
service in World War II, during which
he rose from the rank of Major in the
j
56th Cavalry Brigade, Texas National
6uard, to that of Brigadier General,
B
ago,
in his rapid, steady rise in
the military and civilian service
of his country are outstanding -even for a native of Texas.
"I had been Secretary of the
Treasury but a short time when his
capabilities first came to my
attention.
In 1947, we summoned
Mr. Dunlap, then Assistant to the
Collector of Internal Revenue at
Dallas, to meet with other key
personnel of the Internal Revenue
A
3
^
37
RECORD OF SERVICE OF COMMISSIONER DUNI A
"I take this opportunity publicly
to commend Commissioner of Internal
Revenue John B. Dunlap and to express
personally and officially my
appreciation for the service which
he has rendered the Bureau of Internal
I
Revenue and the Treasury Department.
The accomplishments of Mr. Dunlap,
who was born in Dallas just 4-9 years
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C.
i . . v»/ 4 L.
POH RELEASE 11:00 a.m, EST
Wednesday, November 19, 1952
S-3237
Secretary Snyder today issued the following statement
concerning Commissioner of Internal Revenue John B. Dunlap, who
leaves that position today to become District Commissioner for
the States of Texas and Oklahoma in the reorganized Revenue
Service:
”1 take this opportunity publicly to commend Commissioner
of Internal Revenue John B. Dunlap and to express personally
and officially my appreciation for the service which he has
rendered the Bureau of Internal Revenue and the Treasury
Department.
The accomplishments of Mr. Dunlap, who was born
in Dallas just 49 years ago, in his rapid, steady rise in the
military and civilian service of his country are outstanding
even for a native of T e x a s .
”1 had been Secretary of the Treasury but a short time
when his capabilities first came to my attention.
In 1947> we
summoned Mr. Dunlap, then Assistant to the Collector of Internal
Revenue at Dallas, to meet with other key personnel of the
Internal Revenue Service as a special task force on postwar
field management problems.
His work as a member of this group
reflected his training in Business Administration at Southern
Methodist University; his business experience while engaged in
highway construction work; his leadership while In military
service in World War II, during which he rose from the rank of
Major in the 56th Cavalry Brigade, Texas National Guard, to
that of Brigadier General, the rank which he now holds with
the 22nd Armored Division of the active reserve; and, the
intimate knowledge about the field operations of the Bureau
of Internal Revenue which he had acquired on the front line
from his service as deputy collector*in the office of the
Collector of Internal Revenue, Dallas, beginning in 1934,and
his subsequent service as Assistant Chief and Chief of the
Field Division.
"In April 1947, Mr. Dunlap became Aóting Collector of
Internal Revenue and in March 1949* he was appointed Collector
of Internal Revenue at Dallas.
- 2 -
"Less than a y e a r later he was a p p o i n t e d I n t e r n a l Re v e n u e
Agent in Charge, D a l l a s Div i s i o n , in F e b r u a r y 1950, and f r o m this
post he was c a l l e d to W a s h i n g t o n in A p ril of 1951 to become the
Director of the S p e c i a l T ax F r a u d D r ive in the office of the
Commissioner of In t e r n a l Revenue.
"With this r e c o r d of s u p e r i o r c a r e e r service in e v e r y m a j o r
area of tax a d m i n i s t r a t i o n in mind, it was an e a s y d e c i s i o n for
me to r e c o m m e n d h i m to the P r e s i d e n t as the best p o s s i b l e m a n for
appointment as C o m m i s s i o n e r of In t e r n a l R e v e n u e -- w h i c h office
he assumed on A u g u s t 1, 1951*
"From that d a y to this, not only the eyes of Texas, but the
piercing s c r u t i n y of the e n tire country, have b e e n u p o n h i m as he
guided the B u r e a u of In t e r n a l Re v e n u e t h r o u g h one of the m o s t
perilous p e r i o d s in its histo ry.
W i t h f i r m r e s o l v e he set out to
identify and r e move the r e l a t i v e l y f e w o f f i c i a l s and e m p l o y e e s
unworthy of t h eir h i g h p u blic trust and to e s t a b l i s h p e r m a n e n t
safeguards to insure a t h o r o u g h l y h o n e s t c a r e e r service.
He
cooperated f u l l y w i t h the o f f i c i a l s of the T r e a s u r y D e p a r t m e n t in
carrying out the m a n a g e m e n t i m p r o v e m e n t p r o g r a m fo r the B u r e a u of
Internal Revenue that had bee n d e v e l o p e d since W o r l d W a r II, and
which c u l m i n a t e d in R e o r g a n i z a t i o n P l a n N u m b e r 1 of 1952, w h i c h
we are today e f f e c t u a t i n g for T e x a s and O k l a h o m a b y i n s t a l l a t i o n
of the off i c i a l s of the D a l l a s D i s t rict.
" T h r o ughout his labors in W a s h i n g t o n , C o m m i s s i o n e r D u n l a p
has performed his d u ties w i t h candor, courage, and d e t e r m i n a t i o n .
"His love fo r the B u r e a u of I n t e r n a l R e v e n u e is, I a m sure,
matched o n l y by his a f f e c t i o n f or Texas.
So f r o m t o d a y it is no
longer n e c e s s a r y f or h i m to choose b e t w e e n his desire to serve the
Bureau in a p o s i t i o n of k ey i m p o r t a n c e and his y e a r n i n g to r e t u r n
to the Lone S tar State, f o r he will n o w be able to d e vote his
tireless drive and e n e r g y to the job of D i s t r i c t C o m m i s s i o n e r r i g h t
in his own home town.
I
can o n l y w i s h f o r h i m h e a l t h and h a p p i n e s s c o m m e n s u r a t e
with the success he has a l r e a d y a t t a i n e d and w h i c h I am sure he
will continue to have in this n e w and v e r y i m p o r t a n t a s s i g n m e n t . "
oOo
LO
v
i
efficiency
o p e r a
bbS
economy,
e &
most
We have
c o o p e r a t i o n in arrant
ceremony.
w a r m a p p r e c i a t i o n to all
os
sve taken a part in m a k i n g
this o c c a s i o n
v
It
n
is
r e s u l t of t o d a y ’s r e o r g a n i z a t i o n
ad inos here,
about
o be iiwu
i11
se ne
l i v e
r ican peo
R e v e n u e Service of m a x i m u m
you look to the
future.
Tl
1nat itute,
8
irm inghami, j3 a product
that new §j
it .
ion of
the bigges
scientific
ii
new
value to
of Ii v ina
southern
a
now
oroduce.
»
o f I j v i fiy, w h i c h
V
i 3 evidenced a ls o
by
4» k.
eni<sit-ed o p p o r t u n i t i e s w
za t1n
i nor uaseJ i
€0
era
in a g r i c u l t u r a l
i }vi oh h a s
s i § ft i
go me
i can tiy
pro ductivi
tu y o u r f a r m e r s
would be
U
eos 11 1on
Li
of district Commissioner
Int
fe,,?
%é
ireo
©
i o
isory posts.
I
select i
id e n t
¡strict
for
i s.s ione
in a i m i n g
the offices of
Internal Revenue in
¡rector
fâ T
r¡•
\£
#*I
'- g »
The Treasury a
Revenue Bureau have
it ive
steps to eliminate
erv ice
fa ile
investigative groups has h a d ,
and will cont inue to have, our
se conduct,
at ions
succumbed
ft B 8
in the past.
e 11 a b 1 is
There has
an independent
action Servic e ,
Assi stant
irect ion a
inta in
is s ioner,
on
conduct
watch
Revenue
b e fo r e .
It is our d e t e r m i n a t i o n
that this p e r s i s t e n c e will be
m e t by the s p e c i a l a g e n t s of
the R e v e n u e S e r v i c e w i t h even
greater enforcement
s s loner
The A s s i s t a n t 0 i
for Intellige
w i l l see that
full l i m i t of avai
is a p p l i e d to the tax
evasion
In s t r e a m l
©
er at ioris,
be the Assistant District
Commissioner for Intelligence.
Under his direction there will be
intensified efforts to see that
every fraudulent attempt to
evade Federal taxes will bring
quick investigation and action.
\\
NThe task of fighting tax
frauds never was an easy one.
In
recent years the criminal element
has attempted tax evasion with
persistence than ever
Lou is ia n a .
r e o r g a n i z a t i o n , there are
clear and d i r e c t l i n e s of
authority
ioner
the D i s t r i c t
C o m m i s s i o n e r to the C o m m i s s i o n e r
in W a s h i n g t o n ,
w ii l«JM»l
fi y p d r ¥ i è i o o and coordination of
local tax administration, there
6§S
*'
1®
"
I
ifi
Each d i r e c t o r will m a i n t a i n
s u p e r v i s i o n over all F e d e r a l Revenue
S e r v i c e m a t t e r s w i t h i n his State.
T a x p a y e r s are a s s u r e d of impr o v e d
s e r v i c e and g r e a t e r c o n v e n i e n c e because
h e n c e f o r t h the
d ire c to r;
or his local
r e p r e s e n t a t i v e , will be r e s p o n s i b l e
tax m a t t e r s in his l o c a l i t y .
For
c o n v e n i e n c e , l o cal r e p r e s e n t a t i v e s will
t h r o u g h o u t these three
Here is how the B i r m i n g h a m
D i s t r i c t f will be a d m i n i s t e r e d .
i
In e a c h of the three S t a t e s of
t h i s d i s t r i c t there is b e i n g
e s t a b l i s h e d the o f f i c e of a Director
of I n ternal R e venue.
The headquarters
of the D i r e c t o r s w i l l be in the same
l o c a t i o n s -- B i rm i n g h a m , J a c k s o n and
Mew O r l e a n s —
as w e r e the
h e a d q u a r t e r s of the f o r m e r Collectors
of Internal R e v e n u e w h o m the
D i r e c t o r s replace.
I2S
devenue Service,
ith the
si ne le exception of the Commissioner
of Interna1 Revenue.
f
exception,
f
W
Ï
one
I
fi
;ill
i1 Service appo
.
in
Every
ees.
important
cation and
re
c.:
so as
of administrative a
to eliminate complexities
taxpayer and improve
suparv isio n .
i
■I »
1« 1I
of
-
18
-
^ U n d e r the s k i l l f u l d i r e c t i o n
of thef ,C o m m i s s i o n e r of Internal
TV
R e v e n u e and his a s s o c i a t e s * the
t r a n s i t i o n is b e i n g a c c o m p l i s h e d
s m o o t h l y and w i t h o u t i n c o n v e n i e n c e
to t a x p a y e r s .
' R e o r g a n i z a t i o n Plan No. 1 is
not a c o m p l i c a t e d b l u e p r i n t
u n d e r s t a n d a b l e o n l y by experts.
It is simple.
^ One of its p r o v i s i o n s is to
e l i m i n a t e all n o n - c a r e e r o f f i c e s
r I
17
a
tcS
as refliso i'¿s.,
In
3 iti o n ,
extensively reorganized t
in
bistr icts
which calls
on a
hug 8
15 ‘"That, in brief,
is the
hi 3 1 or ica1 oauk^round ayai nat
which reorganization of the
Nevenue service is oe ing
Revenue is not like a factory,
or &o ckssofno ly plant.
it
could not be closed down for
proape r» ity,
dimensions
y
1 rom
1946 to 1852 saw a large
increase
income tax returns
individual and corpora
increased
tax collec
roport ionately.
u
a
of Internal hevenue reeei
million tax returns of
, ana in
k in
3
fiscal year
t
record sum of $60
h
T3S
available for civili
a«w
sirengtn
r 0TC68
declined,
%m ó fi
tore
available wI
reduction in
equipment.
It was then
work of modernizing the
the Revenue
Servi ce
ai
# |
O
« tu
v a
o
wa S
apparent, and
a thorough overhauling
ai ily,
problem had to
y «o
ne *
H
war cant
s»
m a
machinery to accomplish the
necessary overhauling.
\\
y
ituat ion
¡wore men and women
a
* r ‘i
and rectified.
1
•''«T,-§>
modest amounts of taxes from
relatively few people, had been
almost overwhelmed by the
unprecedented demands made on
it in the World War II era.
The
Service suddenly had to handle
millions of returns from
taxpayers who never before had
been required to pay Federal
income taxes.
It had to assume
responsibility almost overnight
for the collection of new kinds
VI
- 9 ei. I ft)I
û
o
n
from the Internai Revenue Service,
îretary ois
:Wk %J
Js&'f*
N „
time experience in
>6r v iq ë h & fl osiiion
e necessity
A n
*Si
♦* p.
W I
such action.
oruan
izat ion which had
’ 5#'
•fairly
in its earlier
ars ,
it collected comparatively
be realized.
\\
The preparation of the
an izat ion Plan was a
tremendous task, and it
overnian t .
study given to the
rs of
the fi nal
intensi ve
drafting of
not
unt i1
series of preparatory
been taken.
had
- 7 -
f" ^ O
tdS
consultants available.
t\
.
The goals of this action are
a maxi mum of operating
and economy, fast, convenient,
and accurate service to all
I!
persons tra
w
Sureau, scrupulous protect!
&
a itree nance of ur
11
integi ity
the e111
of the Bureau.
1 have every
the
ù'J
i11
brought to you pursuant to the
provisions of the President's
Reorganization
Plan No. 1 of
3jÉpP
v from the very beginning of
¡ 9 -
the reorganization task
have
asury
Revenue
Bureau.
/
nonetheless authentic,
is the
of
record ox
Internal Revenue
the Sureau
*8 largest
into one of
ani zat ions,
our efforts in recent
I
to
improve the Bureau’s structure
IS
S3
culmi na
reorganiz
In
to
in'1 ittle more
s t r o n g , diversifiod. &nd
byiIding
productive e c o n o m y .
\\ The ksy to much of your progress
lies in cities like Birmingham, -whose
I * ||
*
expansion in industrial lines
haf-
brought new vitality to an «oonowy
too long dependent upon the whims of
King Cotton and other crops of the
soil.
The emergence of Birmingham fro»
a cotton field crossed fey two railroads
into one of the w o r l d ’s foremost
63S
Í
I am happy to participate
in these ceremonies
ing to
i ,
M l ®
Louisiana a modernized
rev itali
Revenue
ler v ice .
^ Modernization and
real
in
In fo
S e rv ice
h e a d in g
3 ? f e 3
RELEASE 1 0 A .M . CST ( 1 1 A .M . E S T )
T h u r s d a y , N ov* 2 0 ^
R
i
R evenue S e r v ic e
s a id
to d a y :
A l a * , N o v* 2 0
•• S e c r e t a r y
s p e a k in g a t c e re m o n ie s
B irm in g h a m -S c u th e rn
(s a m e
as
fo le y )
1952
ngham ,
Jo h n W . S n y d e r,
S-
$
C o lle g e
o ffic ia ls
f o r th e
o f th e T re a s u ry
i n H unger H a ll o f
in s ta lla tio n
c £ n ew I n t e r n a l
f o r A la b a m a , M i s s i s s i p p i
and L o u is ia n a ,
271
RELEASE 10 A.M. GST (11 A.M. EST)
Thursday, Nov* 20, 19^2__________
S-3238
Birmingham, Ala., Nov. 20 - Secretary of the Treasury John ¥. Snyder,
speaking at ceremonies in Hunger Hall of Birmingham^Southern College for
the installation of new Internal Revenue Service officials for Alabama,
Mississippi and Louisiana, said today:
\
"I am happy to participate in these ceremonies today which bring to
Alabama, Mississippi, and Louisiana a modernized and revitalized Internal
Revenue Service.
"Modernization and revitalization are words which have real meaning
for the people of the South, who are themselves so dramatically demonstrating
the practical application of these words in building a strong, diversified,
and productive economy.
“The key to much of your progress lies in cities like Birmingham,
whose expansion in industrial lines has brought new vitality to an economy
too long dependent upon the whims of King Cotton and other crops of the
soil. The emergence of Birmingham from a cotton field crossed.by two
railroads into one of the world*s foremost steel centers, in little more
than the span of one man*s life, attests the resourcefulness and vision
of a people. Today the tempo of this ‘youngest of the world*s great
cities* is the pulsative tempo of a new South — young* vibrant, and eager
to constantly open up new economic frontiers for a region and for a
nation.
“Somewhat more prosaic, but nonetheless authentic, is the record of
the development of the Bureau of Internal Revenue into one of the world*s
largest business organizations, and of our efforts in recent years to
improve the Bureau’s structure and operating methods so as to keep it fully
abreast of its great responsibilities. These efforts culminate in today’s
reorganization proceedings, brought to you pursuant to the provisions of
the President's Reorganization Plan No. 1 of 1952.
“From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley, the
Treasury Staff, and the personnel of the Revenue Bureau*
"The Reorganization Plan is the product of earnest study and diligent
effort not only by administrative experts of the Treasury Department and
the Revenue Service itself but also by individuals and groups representing
- 2 -
the Congress, other Government agencies* business management firms* and
taxpayer organizations -- in short* the composite of the most capable
consultants available»
»The goals of this action are a maximum of operating efficiency and
economy* fast* convenient* and accurate seryice to all persons transacting
business with the Bureau* scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau* I have every confidence that these goals will be realized*
nThe preparation of the Reorganization Plan was a tremendous task*
and it was not accomplished overnight* The study given to the problem
covered several years of intensive work* and the final drafting of the
plan was not completed until after a long series of preparatory steps had
been taken*
"The elimination of weak spots from the Internal Revenue Service*
and improvements in its operational methods* began at my direction in 19Uo*
soon after I became Secretary of the Treasury*
»our wartime experience in the Service had demonstrated the necessity
for such action* An organization which had worked fairly well in its
earlier years* when it collected comparatively modest amounts of taxes
from relatively fex-r people* had been almost overwhelmed by the unprecedented
demands made on it in the World War XI era* The Service suddenly had to
handle millions of returns from taxpayers who never before had been
required to pay Federal income taxes* It had to assume responsibility
almost overnight for the collection of new kinds of taxes* and the appli«»
cation of sharply increased rates on those taxes already in existence*
MCollection methods were drastically changed by the installation of
the income tax withholding system* Still another complication was the
fact that the rapid rise in wartime incomes fostered tax evasions that had
to be discovered and rectified*
»The inadequacy of the Revenue Service’s equipment and methods was
plainly apparent* and the need for a thorough overhauling was conspicuous*
But temporarily* the problem had to be put aside* So long as the war
continued we had neither the time* the men* nor the machinery to accomplish
the necessary overhauling*
»By 19U6, the situation had changed. More men and women became
available for civilian employment as the strength of the Armed Forces
declined* More machinery became available with the reduction in the
demands for military equipment* It was then that the work of modernizing
the Bureau of Internal Revenue was started.
- 3 -
273
11Even as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem.
The period from 19U6 to 1952 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about 90
million tax returns of all kinds annually, and in the latest fiscal year
its collections reached the record sum of $65 billion.
'»That, in brief, is the historical background against which reorgan
ization of the Revenue Service is being effected.
'»In going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant.
It could not be closed down for a week or a month while an old system
was abolished and a new system installed. The Bureau had to go right on
collecting the Nation's revenues and doing the rest of its huge daily job,
while making the changes called for in the plan.
"This is the thirteenth area in which the reorganization plan has been
put into effect. I have personally attended all but three of the reorgan
ization ceremonies. In addition, we have extensively reorganized the
headquarters of the Bureau of Internal Revenue in Washington. We shall
proceed with reorganization in other districts, on a schedule which calls
for completion of the program by December 1st of this year.
"Under the skillful direction of the Commissioner of Internal
Revenue and his associates, the transition is being accomplished smoothly
and without inconvenience to taxpayers.
"Reorganization Plan No. 1 is not a complicated blueprint understandable
only by experts. It is simple.
"One of its provisions is to eliminate all non-career offices in
the Revenue Service, with the single exception of the Commissioner of
Internal Revenue. Every post in the service, with that one exception, will
now be filled by Civil Service appointees.
"Another important feature is the simplification and streamlining of
administrative authority, so as to eliminate complexities for the taxpayer
and improve methods of supervision.
"Here is how the Birmingham District will be administered.
"In each of the three States of this district there is being
established the office of a Director of Internal Revenue. The headquarters
of the Directors will be in the same locations — Birmingham, Jackson and
New Orleans — as were the headquarters of the former Collectors of Internal
Revenue whom the Directors replace.
274
- h -
"Each Director will maintain supervision over all Federal Revenue
Service matters within his State. Taxpayers are assured of improved
service and greater convenience because henceforth the Director, or his
local representative, will be responsible for complete handling of all
Federal tax matters in his locality. For convenience, local representatives
will be stationed throughout these three States in Ul presently located
offices and posts of duty.
"For purposes of general area supervision and coordination of local
tax administration, there is being established in Birmingham the office
of District Commissioner. This office is a new provision in the reorgan
ization. The District Commissioner for Birmingham has full responsibility
for all field activities in the three States of Alabama, Mississippi and
Louisiana. Under this reorganization, there are clear and direct lines
of authority and accountability from the Directors of Internal Revenue to
the District Commissioner and from the District Commissioner to the
Commissioner in Washington.
"One of the members of the District Commissioner’s staff will be the
Assistant District Commissioner for Intelligence. Under his direction
there will be intensified efforts to see that every fraudulent attempt
to evade Federal taxes will bring quick investigation and action.
"The task of fighting tax frauds never was an easy one. In recent
years the criminal element has attempted tax evasion with greater
persistence than ever before. It is our determination that this persistence
will be met by the special agents of the Revenue Service with even greater
enforcement diligence. The Assistant District Commissioner for Intelligence
will see that the full limit of available manpower is applied to the tax
evasion problem.
"In streamlining the Revenue Bureau’s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past. There has
been established an independent Inspection Service, under the direction
of another Assistant Commissioner, which will maintain a constant check
on employee conduct and watch other Revenue Service activities as well.
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust. The work of congressional investigative groups has had, and will
continue to have, our full cooperation.
"In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts. I am confident that our
selections for the office of District Commissioner here in Birmingham and
the offices of Director of Internal Revenue in Jackson, New Orleans and
here, will measure up to every expectation,
- 5 -
275
«The region which these officers will serve is, as I mentioned
earlier, a tremendously revitalized economic area in our country and one
which holds great promise in the future progress of our Nation. The
resurgence of its economy has been particularly noteworthy in just the
past decade*
“'While income payments to individuals in the country as a whole have
tripled since 19 I1O, these three southern States have done even better*
The" percentage gains in these States was 2$ percent greater than that
for the Nation.
“Your economic advance is not evidenced solely by greater incomes
and the higher standards of living which you enjoy* It is evidenced also
by the enlarged opportunities which increased industrialization has brought
to the people in your cities and towns, and the new era in agricultural
productivity which has come to your farmers as a result of farm mecha
nization and new farming techniques.
“Your progress is significantly evident in the new spirit with which
you look to the future. The Southern Research Institute, conceived in
Birmingham, is a product of that new spirit. Bringing together the biggest
collection of scientific brains in the South, its laboratories are ever
seeking new ways of giving added value to southern raw materials and
better ways to make the things you now produce.
“As your economy is expanding, so is its importance growing to our
country’s revenue system.
“In the 19^2 fiscal year there were over 1-3A million individual
income tax returns filed in the three States which now form the Birmingham
District — a seventeenfold increase since 19U0* The total number of tax
returns filed in this district in fiscal 19^2 amounted to approximately
3 million, as compared with 3>00,000 in 19 )40 . Federal tax collections from
these States in fiscal 19^2 amounted to $1 billion.
“It is with much satisfaction that we bring to such a revitalized
segment of America a modernized and revitalized Federal Revenue Service
such as that incorporated in the Internal Revenue Reorganization Plan.
“We have had most generous cooperation in arranging today’s ceremony.
I want to express our warm appreciation to all those who have taken a part
in making this occasion possible.
"It is my firm belief that the result of today’s reorganization pro
ceedings here, and those held or to be held throughout the Nation, will
be to give the American people a Revenue Service of maximum efficiency
and operating economy, manned by employees of unquestioned integrity.”
0O0
"T h e
p e rm its
th e
R evenue to
n a m in g o f M r» G ra h a m a s A c t i n g
ca re e r
o ffic ia ls
e n e rg e tic a lly
o f r e o r g a n iz a t io n ,"
o f th e
B u re a u
a p p ly th e n s e lv e s
S e c re ta ry
Snyder s a id *
C o m m i s s io n e r
of
to
In te rn a l
th e f u r t h e r i n g
2^
s*ÿis*^..j
f Ç"., ^
&* ■ ”^-m
"
/
S e c r e t a r y S n y d e r a n n o u n c e d t o day that A s s i s t a n t
S e c r e t a r y of the T r e a s u r y J o h n S. G r a h a m w i l l a s s u m e
the f u n c t i o n s of A c t i n g C o m m i s s i o n e r of I n t e r n a l
Revenije,
e f f e c t i v e W ednesday,
November
19,
1952,^< The
d e s i g n a t i o n of Mr. G r a h a m as A c t i n g C o m m i s s i o n e r is in
a d d i t i o n to h is p r e s e n t d u t i e s as A s s i s t a n t S e c r e t a r y .
T he p r e s e n t C o m m i s s i o n e r of
J o h n B. Dunlap,
I n t e r n a l Revenue,
w i l l be s w o r n in o n W e d n e s d a y as
D i s t r i c t C o m m i s s i o n e r for the S t a t e s of T e x a s and
O k l a h o m a in the r e o r g a n i z e d I n t e r n a l R e v e n u e Service.
T he a c t i o n of the S e c r e t a r y in d e s i g n a t i n g Mr. Graharç
as A c t i n g C o m m i s s i o n e r w a s t a k e n u n d e r the a u t h o r i t y
v e s t e d in the S e c r e t a r y by R e o r g a n i z a t i o n P l a n No.
’3
26 of
;
278
RELEASE MORNING NEWSPAPERS,
Tuesday, November 18, 19 5 2
*
S-3239
Secretary Snyder announced today that Assistant
Secretary of the Treasury John S. Graham will assume
the functions of Acting Commissioner of Internal
Revenue, effective Wednesday, November 19> 1952, and
continuing until the appointment of a Commissioner
by the new Administration,
The designation of
Mr. Graham as Acting Commissioner is in addition to
his present duties as Assistant Secretary.
The present Commissioner of Internal Revenue,
John B, Dunlap, will be sworn in on Wednesday as
District Commissioner for the States of Texas and
Oklahoma in the reorganized Internal Revenue Service.
The action of the Secretary in designating
Mr. Graham as Acting Commissioner was taken under the
authority vested in the Secretary by Reorganization
Plan No. 26 of 1950«
“The naming of Mr. Graham as Acting Commissioner
permits the career officials of the Bureau of Internal
Revenue to energetically apply themselves to the
furthering of reorganization,” Secretary Snyder said.
oOo
/■% »3^ r^i
HOV 12
O T M w u m m t TO ifft. BARtfflJi
The follcwing transaeüons were made in direct «ad
guaranteed securities cf the Govermaßt for Treacury i®r««t~
amt and othar accounts during the aoath cf Octctoarf 1952*
Pcrchaees ,•*♦*•**•***»♦•»
Sales • *••*••••••••♦*•*♦
,,.^¿¿22>
Set purehaces . • . * * * * • • * * * » ♦
Charles T* Brannaaf
Chief, IUviaion of
C
D. of I. No. 36
Wisecarver/iaih/llA2/52
InvQstm m tß
1
TREASURY DEPARTMENT
Information Service
Wa s h in g t o n , d .c .
RELEASE MORNING- NEWSPAPERS,
V/©eins sda y , «Qc wob©x* '
&*5i 103 G •
¿¡ê<z£!ïjioty
During the month of -Soptomber, 1952
market transactions In direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
Secretary Snyder announced
today.
0O0
TREASURY DEPARTMENT
Information Service
Wa s h in g t o n , d .c .
R E L E A S E M O R N I N G N EWSPAPERS,
Wednesday, November 19 j 1952
S-3240
During the month of October, 1952
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
$16 ,5 ^ 3 .»500, Secretary Snyder announced
today.
0O0
- 3 -
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section llf> of the Revenue Act of 19hl, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
2
dealers in investment- securities.
-
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Reserve Bank on November 28. 1952
5 in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
November 28,
1$SL
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gein from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
xM&mxtxz
mam ac
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 20, 1952
.
0$
.5-
//
The Secretary of the Treasury, by this public notice, invites tenders
for $1,300*000*000
* or thereabouts, of
90
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
the amount of $1,299*887*000
November 28, 1952 , in
* to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
November 28, 1952
The bills
, and will mature
February 26« 1953____ , when the face amount will be payable without in-
im x.
terest.
They will be issued in bearer form only, and in denominations of
$1,000, 15,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, November 2i±, 1952*
.... ---- 777T---- *----
ttogt
Tenders will not be received at the Treasury Department, Washington,
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TREASURY D EPARTM EN T
Information Service
release m o rbi ; «
u ew spa pers ,
Thursday, November 2 0 , 1952
WASHINGTON, D .C.
285
S -3 2 4 1
The S e c r e t a r y o f .-the T r e a s u r y * by t h i s p u b lic n o t i c e , . i n v i t e s te n d e r s
for £ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or t h e r e a b o u t s , o f 90 -d ay T re a su r y b i l l s , f o r c a sh and
in exchange f o r T re a su ry b i l l s m atu rin g November 2 3 , 1952, in th e amount
of 1 1 *2 9 9 ,8 8 7 ,0 0 0 , t o be i s s u e d on a d isc o u n t b a s i s under c o m p e titiv e and
non -com petitive b id d in g as h e r e i n a f t e r p ro vid ed # The b i l l s o f t h i s s e r i e s
w ill be d a te d November .2 8 , 1 9 52, and w i l l m ature F e b ru ary 2 6 , 1953, when
the fa c e amount w i l l be p a y a b le w ith o u t i n t e r e s t « They w i l l be is s u e d in
bearer form o n ly , and in d en om in ation s' o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 ,- $ 1 0 0 ,0 0 0 ,
$500,000 and $ 1 ,0 0 0 ,0 0 0 (m a tu rity v a lu e )#
,
Tenders w i l l be r e c e iv e d a t F e d e r a l R eserv e Banks and B ran ch es up t o
the c lo s in g h o u r, two o *c lo c k p *m *, E a s te r n S ta n d a rd tim e , Monday, November 2 4 ,..
1952* T enders w i l l n ot be r e c e iv e d a t th e T re a su r y D epartm ent, W ashington*
Each te n d e r must be f o r an even m u lt ip le o f $ 1 ,0 0 0 , and in th e c a se o f
com petitive te n d e r s "the p r ic e o f f e r e d must be e x p r e s se d on th e b a s i s o f
100, w ith n ot more th a n th r e e d e c im a ls , e #
9 9 *9 2 5 * F r a c t i o n s may n ot
be used* I t i s u rged t h a t te n d e r s be made' on th e p r in te d form s and fo rw ard
ed in the s p e c i a l e n v e lo p e s which w i l l be s u p p lie d by F e d e r a l R eserv e Bonks
or Branches on a p p l i c a t i o n t h e r e f o r *
, O thers th an ban kin g i n s t i t u t i o n s w i l l n ot be p e rm itte d to subm it te n d e r s
except fo r t h e i r own ac co u n t* T en ders w i l l be r e c e iv e d w it h o u t d e p o s it from
in co rp o rated ban ks and t r u s t .com panies and from r e s p o n s ib le and r e c o g n iz e d
d ealers in in vestm en t s e c u r i t i e s * T en ders from o th e r s must be accom panied
by payment o f 2 p e r c e n t * o f th è f a c e amount o f T re a su r y b i l l s a p p lie d f o r ,
» ' Unless th e te n d e r s a re accom panied by an e x p r e s s g u a ra n ty o f payment by an
I
in co rp o rated bank or tr u s t'c o m p a n y *
Im m ediately a f t e r th e c lo s in g h o u r, te n d e r s w i l l be opened a t th e
Federal R eserv e Banks and B ra n c h e s, fo llo w in g w hich p u b lic announcement w i l l
be made by th e S e c r e t a r y o f th e T re a su ry of th e amount and p r ic e ran ge o f
accepted b i d s * Those su b m ittin g te n d e r s w i l l be a d v ise d o f th e a c ce p ta n c e
or r e je c t i o n t h e r e o f . The S e c r e t a r y o f th e T re a su ry e x p r e s s l y r e s e r v e s th e
righ t t o accep t o r r e j e c t any o r a l l t e n d e r s , in "whole o r in p a r t , and h is
action in any such r e s p e c t s h a l l be f i n a l * S u b je c t t o th e s e r e s e r v a t i o n s ,
non-com petitive te n d e r s f o r $ 2 0 0 ,0 0 0 or l e s s w ith o u t s t a t e d p r ic e from any
one b id d er w i l l be a c c e p te d in f u l l a t th e a v erag e p r ic e ( in th r e e d e c im a ls )
• 2 -
o f a c c e p te d c o m p e titiv e b i d s « S e ttle m e n t f o r a c c e p te d te n d e r s in accordance
w ith th e b id s must be made or com pleted a t th e F e d e r a l R eserv e Bank on
November 2 8, 19 5 2 , in c a sh or o th er im m ed iately a v a i l a b l e fu n d s or in a lik e
fa c e amount o f T re a su ry b i l l s m atu rin g November 2 8 , 1952# Cash and exchange
te n d e r s w i l l r e c e iv e e q u a l tr e a tm e n t« Cash a d ju stm e n ts w i l l be made f o r
d i f f e r e n c e s betw een th e p a r v a lu e o f m atu rin g b i l l s a c c e p te d i n exchange and
th e i s s u e p r ic e o f th e new b i l l s #
The income d e r iv e d from T re a su r y b i l l s , whether i n t e r e s t o r g a m from
th e s a l e or o th e r d i s p o s i t i o n o f th e b i l l s , s h a l l not have ary exem ption ,
as su c h , and l o s s from th e s a l e or o th e r d i s p o s i t i o n o f T re a su r y b i l l s sh a ll
not have any s p e c i a l tr e a tm e n t, a s su c h , under th e I n t e r n a l Revenue Code, or
laws : am endâtory o r su p plem en tary th e re to # The b i l l s s h a l l be s u b je c t t o
e s t a t e , in h e r it a n c e , g i f t o r o th e r e x c is e t a x e s , w hether F e d e r a l o r S t a t e ,
but s h a l l be exempt from a l l t a x a t i o n now or h e r e a f t e r im posed on th e
p r i n c i p a l or i n t e r e s t t h e r e o f by an S t a t e , or any o f th e p o s s e s s io n s o f the
U n ited S t a t e s , o r by any l o c a l t a x in g a u th o r ity # F or p u rp o se s o f ta x a t io n
th e amount o f d isc o u n t a t which T re a su ry b i l l s are o r i g i n a l l y ^ s o l d by the
U n ited S t a t e s s h a l l be c o n sid e re d t o be i n t e r e s t # Under S e c t io n s 42 and
117 ( a ) ( l ) o f th e I n t e r n a l Revenue Code, a s amended by S e c tio n 115 of the
Revenue Act o f 1 9 41, th e amount o f d isc o u n t a t which b i l l s i s s u e d hereunder
a re so ld s h a l l n ot be c o n sid e r e d to accru e u n t i l su ch b i l l s s h a l l be s o ld ,
redeem ed or o th e rw ise d isp o s e d o f# and such b i l l s are e x c lu d e d from considéra**
t i o n a s c a p i t a l a s s e t s « A c c o rd in g ly , th e owner o f T re a su r y b i l l s (o th e r than
l i f e in su ra n c e com p an ies) is s u e d h ereu n d er need in c lu d e in h i s income t a x
r e tu r n o n ly th e d if f e r e n c e betw een th e p r ic e p a id f o r such b i l l s , whether on
o r i g i n a l i s s u e o r on su bsequ en t purch ase,, and th e amount a c t u a l l y re c e iv e d
e i t h e r upon s a l e or redem ption a t m a tu r ity d u rin g th e t a x a b le y e a r f o r which
th e r e t u r n i s made, as o rd in a ry g a in o r l o s s #
T re a su ry Departm ent C ir c u la r No# 4 1 8 , as amended, and t h i s n o t i c e ,
p r e s c r ib e th e term s o f th e T re a su r y b i l l s and govern th e c o n d itio n s o f th e ir
is s u e # C o p ies o f th e c i r c u l a r may be o b ta in e d from any F e d e r a l R eserv e
Bank o r Branch#
oOo
7
388
resolve saw rt thr•ough to accompli shmenl
was the Honorables John w. Snyder, 3ecre1tary
It X s my pleasure to
of the 1freasury.
//sv
present hi in to yoii now
*
»
*
*
*
*
*
*
*
INSERT:
Under S e c r e ta r y F o le y introduced S e c r e ta r y Snyder as the
p r i n c i p a l speaker.
He r e fe r r e d to the S e c r e ta r y as ttthe man
who m otivated re o rg a n iz a tio n o f the Revenue s e r v i c e from the
very s t a r t , and whose guidance, in s p ir a t io n and firm resolve
saw i t
through to accomplishment.”
0O0
O
Y8S
vVwe have had similar cooperation in
every
ken place.
Ft
II &
ffVf* Oç»
M
i on
se in
where
<3L i.
This signifies
f»**-
s
ef f io lency
assurances o 1
i o n g
— 5 -
BBS
'it is the largest Bureau of the
t
Treasury Department, and one of the largest
in the entire g o v e r n m e n t .
What we are to do here tod ay is bring
up to date the structure and the operating
procedures of this very vital arm of the
Government.
(f I want to express to the people of
the States of California and Nevada, and th
Territory of Hawaii, comprising the Los
Angeles District, and to their local offici I
our appreciation of your hospitality and of
the cooperation which we have had in
arranging for this ceremony.
1Ç Iflr
68S
qamblers,
list of other
and
ctina and record in
,l {n add it ion to
r>
au chocks
tnese taxes, ti
returns,
*fch0 m
in
uk
accuracy
investigates a large number of
* *%
JL
O B
eots billions in taxes
p
w
not voluntarily rep
i
and makes refunds
rrnina into billions
on
a
1 3
j**% .
j%
e#»;
t of the
4. ;
SX I
®t!rs dut
w\
“
11 &
-1? .irsf
§4 vi
d it
*{wfii
f*w an
d i t i1 J
such as issuing permit
of firearrà’t’O
euoervl s ion
O'
age
1 ’
|*||rI
4wÉ
j n„ 1 ta? 1
»/
AC
Wï
f
o HIff
Ä-i
K4 «II»OW VC
«ut*- j|s%
i 11
3
a o
« O
of
the financial affairs
it i
the
to the taxp
very m
we are now
ster ing
manner
5 eureau
res
(V
Ies
receiving and procèsÆgi ÉH I «% f*%Â
2
;
%I
t
%#'1
returns from partnerships and corporal ions,
¿¡g**
I» O
on
c Ic
J
ems, the taxes on
ga In c?
nan'1
2
s
* ” 3 most procreasi ve steps in
o n e
%
1 «ft
•* K
j
Government in the history
As you
n q
&
i
■*« a few
W A A
In
p
now
Ion
9 an i
f\
of
months ago the overwhelming ap
4J5
O
•
V a u f1
presence
gratifying to
t
«g*
cr
Ii
W V*
%
#
have
’
«■ ;
s action f
T
* ?
i L I
<2 f3
a w
4
n*r W
ato
this morn ino,9 is
U V
*T* F% 1 4?»
!l •f i
i
jf*l*
î
cs
O i
O O
lanner in whi
^
^
in
*** w *
the Bureau of
«A !
Revenue functions is of direct
concern to every taxpayer.
affect
Its act ivit ie
of
■’V
il0n behalf of the Treasury Department,
I want to welcome all of you warmly to
these proceedings, the purpose of which is
•j
to institute for the States of California
and Nevada and the Territory of Hawaii, a
basic improvement in the organization and
methods of the Bureau of Internal Revenue.
"These two States and the Territory of
Hawai i form a region which for purposes of
Internal Revenue Service administration wil
be known hereafter as the Los Angeles
District.
'’The action which we are taking to
reorganize the Revenue Service embodies
Release 10:00 a.m. PST (1:00 p.m. EST)
Wednesday, November 26, 1952_______ _
Los A ngeles,
S-
G a l . , Nov. 26 - Under S e c r e ta r y o f the
Treasury Edward H. F o le y ,
speaking at ceremonies in the
Hancock Auditorium, U n i v e r s i t y o f Southern C a lifo rn ia ^ for
th e i n s t a l l a t i o n o f o f f i c i a l s
o f the reorganized In tern al
Revenue S e r v ic e Jbr C a l i f o r n i a , x s d Nevada and the T e r r ito r y
o f Hawaii, s a id to d ay:
u0n b e h a lf o f the
TREASURY DEPARTM EN T
Information Service
Release 10:00 a.m. PST (1:00 p.m. EST)
Wednesday. November 26 , 1 9 ! > 2 _____ _
WASHINGTON, D .C.
S-32U2
Los Angeles, Cal*, Nov. 26 - Under Secretary of the Treasury
Edward H. Foley, speaking at ceremonies in the Hancock Auditorium,
University of Southern California,for the installation of officials of
the reorganized Internal Revenue Service for California, Nevada and the
Territory of Hawaii, said today:
nQn behalf of the Treasury Department, I want to welcome all of you
warmly to these proceedings, the purpose of which is to institute for the
States of California and Nevada and the Territory of Hawaii, a basic in*
provement in the organization and methods of the Bureau of Internal
Revenue.
»‘These two States and the Territory of Hawaii form a region which
for purposes of Internal Revenue Service administration will be known
hereafter as the Los Angeles District.
“The action which we are taking to reorganize the Revenue Service
embodies one of the most progressive steps in good government in the
history of this country. As you know, the Reorganization Plan now being
placed in effect received a few months ago the overwhelming approval of
the Congress. lour support of it, as indicated by your presence here
this morning, is gratifying to all who have had a hand in making this
action possible.
’»The manner in which the Bureau of Internal Revenue functions is of
direct concern to every taxpayer, its activities affect the welfare of
the taxpayer’s government as well as the financial affairs of the taxpayer
himself. Therefore, it is very much to the taxpayer’s interest that we
are now inaugurating a new and better manner of administering the Revenue
Bureau’s responsibilities•
»’The duties of the Bureau involve not only receiving and processing
the tax reports of tens of millions of Americans each year, but also the
handling of tax returns from partnerships and corporations,, excess profits
taxes, the excises on cigarettes and liquor and jewelry and many other
items, the taxes on the gains of gamblers, and a long list of other levies
295
-
2
-
nIn addition to collecting and recording these taxes, the Bureau
checks the accuracy of returns, investigate a large number of them in
d e t a i l , collects billions in taxes not voluntarily reported and makes
refu n d s on overpayments running into billions*
“That is still not the last of the Bureau’s duties* It has additional
tasks such as issuing permits for distillers and the manufacture of fire
arms, and the supervision of various angles of the alcoholic beverage
business*
“It is the largest Bureau of the Treasury Department, and one of the
largest in the entire government*
“What we are to do here today is bring up to date the structure and
the operating procedures of this very vital arm of the Government*
“I want to express to the peopié of the States of California and
Nevada, and the Territory of Hawaii, comprising the Los Angeles District,
and to their local officials our appreciation of your hospitality and of
the cooperation which we have had in arranging for this ceremony*
“We have had similar cooperation in every locality where these
installations have taken place* This signifies to me that the improved
procedures, the forward-looking personnel policy, the advanced design
.for operating efficiency, and the ’built-in* assurances of trustworthy
performance which the Reorganization Plan provides have won full public
confidence*
“It is my firm belief that this public confidence will prove well
placed*“
Under Secretary Foley'introducéd Secretary Snyder as the principal
speaker* He referred to the Secretary as “the man who motivated
reorganization of the Revenue Service from the very start, and whose
guidance, inspiration and firm resolve saw it through to accomplishment#“
0O 0
Ill
RELEASE HORSING NEWSPAPERS,
Tuesday# November 25# 1952«
/
2
^
x—
o
^
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 90-day Treasury bills to be dated November 28, 1#2,
and to mature February 26, 1953# which were offered on November 20, were opened at the
Federal Reserve Banks on November 21**
The details of this issue are as followsi
Total applied for - $1#862#552#000
Total accepted
- 1,300,013,000
Average price
(includes $190,389,000 entered on a
non~c otapetitive basis and accepted in
full at the average price shown below)
- 99.517/ Equivalent rate of discount approx. 1*9315 P®r annua
Range of accepted competitive bids:
Sigh
Low
- 99*51*5 Equivalent rate of discount 1.8205 PeT annum
« 99.5X3
»
«
«
«
1,91*85 *
*
(9h percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
i
19,322,000
1,31*8,033,000
30,527,000
51*.1*55,000
22,362,000
19,275,000
183,1*52,000
28,008,000
12,51*2,000
1(3,806,000
l*9,i55,ooo
20,362,000
19,269,000
151*, 972,000
27,882,000
12,51*2,000
il3#806#000
66,657,000
31*,113,ooo
66,537,000
11,862,552,000
#1,300,013,000
31*,113,000
TOTAL
19,310,000
836,538,000
15,527,000
TREASURY D EPARTM EN T
Information Service
Wa s h in g t o n , d .c .
OQ7
ÇO »
RELEASE M O R N I N G NEWS P A P E R S ,
Tuesday, N o v e m b e r 25, 1952,
S - 3243
The. S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the
tenders for $1,300, 0 0 0 , 0 0 0 , or t h e r eabouts, of 9 0 - d a y T r e a s u r y b i l l s
to be dated N o v e m b e r 28, 1952, a nd to m a t u r e F e b r u a r y 26, 1953, w h i c h
were offered on N o v e m b e r 20, wer e o p e n e d at the F e d e r a l R e s e r v e
Banks on N o v e m b e r 24.
The d e t a i l s of this issue are as follows:
Total a p p l i e d for - $ 1 , 8 6 2 , 5 5 2 * 0 0 0
1,300,013,000
Total a c c e p t e d
Average p r i c e
(includes $190,389,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
- 99.517/ Equivalent rate of discount approx.
1.931# per annum
Range of a c c e p t e d c o m p e t i t i v e b i d s :
- 9 9 . 5 4 5 E q u i v a l e n t rate of d i s c o u n t -1.820#
per annum
- 9 9 . 5 1 3 E q u i v a l e n t rate of d i s c o u n t 1 . 9 4 8 #
per annum
High
Low
(94 percent of the a m o u n t b i d for at the lo w p r i c e was a c c e p t e d )
Total
Accepted
Total
Applied for
Federal Reserve
District
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
19 ,322,000
1 ,3^ 8 ,033,000
30 ,527,000
54 ,455,000
22 ,362,000
19 ,275,000
183,452,000
28,003,000
12,542,000
43,806,000
34,113,000
66,657,000
TOTAL
$1,862,552,000
000
$
,
19 ,310,000
836,538,000
15 ,527,000
49,155,000
20 ,362,000
19,269,000
154 ,972,000
27 ,882,000
12 ,542,000
43 ,806,000
34 ,113,000
66,537,000
$1,300,013,000
c
so
I
I
of t
in
IS9
Denv
et M i
8iP %
.
w
o v o r
er
«
Û
i»
ü
P ip
W t f
percent.
0
C
While income pi
individuals in the country
whole have tripled since
this region has shown an even
greater increase.
Last year
payments to individuals in th
is
¿
-
fsl
I
the
off i
ì
P if $
m
I
Ü feU Qt
ITW
L
-
f
It
' lli»1I£9
'%* ÿ
ÍX i
and h#r# * w i l l si m s y n i
v i r y
tax«
¥t
The
S ta to « w h ic
1%
ftic@n will serve aro* ¡Is
mentioned esr1 1®r» If
importance to our detent#
m #%'tm
1. f i d
i r . ci
m
e c o n o m y .
u r a n t u m
*r rsg?; g
a 1
*r
t
♦w\
.# if I'
t r i
i s p # t i
a keystone o ?"
-
'¿ ‘I
lines of authori
6 ìr tv
llrootors
accountab »iity fr
rnai Revenue to the
!f » 1 1 c
i il Ì.-1
the u istrie
ft
Commiasioner to the Commissioner
Washington.
4 Cl:
■&S
»'%,
X II
tvtr ict Commis s ioner *t i11
Assist®nt District Commissionar
for Intelligence
there w
see *1 ’ f every
Unde
n i■ c ir 9 v
intensified efforts to
Wl
W
™
tit
4
j
4 ÉÉ
•
h
Hör« is how the Denver
District will be administored.
In each of the five States of
this district, there is being
established an office of Director
of Internal Revenue.
The office
of each Director will be in the
same location as that of the State’s
former Collector of Internal Revenue
whom the Director replaces.
*Eaeh Director will maintain
supervision over all Federal Revenue
the Revenue Service, with the
T9 I t
exception of the Oosffiissioner of
Internal Revenue.
Every poet in
the service, with that one exception,
wi11 now be f ilied
ivil Service
appointees
Another
Important feature is
the simplification and streamlining
of administrative authority, so
m
m
to eliminate complexities for the
taxpayer and improve methods of
superv i$ ian
i
m
the skillful direction
of the Commissioner of Internal
Revenue and his associates, the
transition is being accomplished
«I
1
not a complica
only by experts.
is to
A4
problem.
The period from 134b
*to 19s 2 8«'» s
a §r ?
-■«
increaae in
number of income tax returns,
«pHi
both individual and corporate,
and tax collections increased
■
(1BH
proportionately.
today the 8ui e&u
||3||
of Internal Kevtnue receives
about 90 million tax returns of
ail Kinds annually, and in the
latest fiscal year .its collection»
reached the record sum of $60
billion
is
if
® r vv icce
#§ *8 equipment and methods
w
%
apparent, ana the
n S pplainly
X&
need for i thorough overhauling
was conspicuous,
out temporarily,
tilt problem had to be put aside.
:
%a
o long as the war continued
we had neither the time,
m a n ,
nor the machinery to accomplish
the necessary overhauling.
'’Ey 1fl# | the situation had
changed,
wore men and women
became available for civilian
aperational taethode, Began at wy
direct ian in l&4-o, scan ¿iter *
ggc aft# vie;f 11 ary u f tftn ir # itnyry.
ni
"l1d¡r #srtiwe § x 30f" iftno# in
uy
this ¿iervice |iit eemonetrated the
necessity 1«» such actian.
orfitni z f t t i e n w h i c h
had
&o
worked fairly
well in its earlier yearn* w h e n
7
c o n s u l t a n t s
« v a i
1 s o i e *
*'the coals ut this action »Te
«
m
?
aXi biu»«s of opérâtiftj
efficiency anil economy, fast*
convenient, and accurate service
to 1.11. persons transacting
dus in®se » *th the oureau,
scrupulous protection of the
öoverruaent revenues, and the
maintenance of unquestioned
integrity a
nt th© employées of
the S u r e a u .
I have every confidence
servi ce
Kevenue
the President's Reorgani zation Plan
is, 1 of 1352, are significant as a
long step toward better government,
and they are advantageous in
many respects to every taxpayer.
They modernise the Internal
Revenue Service, remove weaknesses
from its organizational
structure, provide for speedier,
more convenient and wore accurate
«àz inu enterprises anti »
ai l ©
i w
ets irni industr i ai davv
n r n o y ildin§ poitsr
■W
f «
I
for h y #18 fl. to8 i fart
g r•it
r
p.fÔ?8
I
l
i# «
ï|f fur
g
o ■ r*8 If H U
5!
®
a
r c 11jfa,4'%à
lne to
•§■
#3
9%
fce
afel
vii«I régi
a nti* «r* in.prog
A
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In fo
R e l e a s e 1 0 a . m . MST ( 1 2
T u e s d a y , N o v* 2 5 ^ 1 9 5 2
D en v er,
C o lo * ,
Jo h n W. S n y d e r ,
o f th e
at
New M e x i c o ,
S e c re ta ry
c e re m o n ie s
o f C om m erce f o r
new I n t e r n a l R e v e n u e S e r v i c e
A riz o n a ,
h e a d in g
noon EST)
N ov* 2 5 -
sp e a k in g
B arn es S ch o o l
s e rv ic e
in
th e
o ffic ia ls
of
th e
T re a su ry
th e A u d ito riu m
in s ta lla tio n
fo r
U ta h a n d W y o m in g , s a i d
C o lo ra d o ,
to d a y :
of
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C.
33
Release 10 a.m. MST (12 noon EST)
Tuesday, Nov.» 25, 1952
_______
S-32kh
Denver, Colo», Nov* 25 - Secretary of the Treasury John W# Snyder,
speaking at ceremonies in the Auditorium of the Barnes School of Commerce
for the installation of new Internal Revenue Service officials for
Colorado, Arizona, New Mexico, Utah and Wyoming, said todays
“I am delighted to be here in Denver for these ceremonies which
install a modernized Federal Revenue Service for the five States of
Colorado, Wyoming, Utah, New Mexico and Arizona*
“This majestic section of our country is known throughout the land
for the wonder of its natural formations, for the beauty of its deserts,
and for the grandeur of its mountains* It is also becoming increasingly
well-known for the importance it bears to the strategic defenses and the
productive might of our country* Its rare mineral resources and the
natural advantages of its terrain are playing a dynamic role in the
development of atomic and other weapons of national defense* Its outstand
ing agricultural and grazing enterprises and its increasing industrial
development are building powerful resources for human welfare and hold
great promise for the future progress of our Nation*
“We are proud to be able to bring to this vital region a new era in
a progressive Federal Revenue Service* The changes which are being
instituted here today, under the authority of the Presidents Reorganization
Plan No* 1 of 1952, are significant as a long step toward better government,
and they are advantageous in many respects to every taxpayer* They
modernize the Internal Revenue Service, remove weaknesses from its organi
zational structure, provide for speedier, more convenient and more accurate
service to the American public, and help make certain that the Revenue
Service will enjoy the public*s full confidence*
“From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley,
Assistant Secretary Graham, the Treasury Staff, the Commissioner of
Internal Revenue and his associates in the Revenue Bureau*
“The Reorganization Plan is the product of earnest study and diligent
effort not only by administrative experts of the Treasury Department and
the Revenue Service itself but also by individuals and groups representing
the Congress, other Government agencies, business management firms, and
taxpayer organizations — in short, the composite of the most capable
consultants available*
- 2 -
333
"The goals of this action are a maximum of operating efficiency and
economy, fast convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau* I have every confidence that these goals will be realized*
'•The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight* The study given to the problem
covered several years of intensive work, and the final drafting of the
plan was not completed until after a long series of preparatory steps had
been taken*
"The elimination of weak spots from the Internal Revenue Service,
and improvements in its operational methods, began at my direction in 19 U6 ,
soon after I became Secretary of the Treasury*
"Our wartime experience in the Service had demonstrated the necessity
for such action* An organization which had worked fairly well in its
earlier years, when it collected comparatively modest amounts of taxes
from relatively few people, had been almost overwhelmed by the unprecedented
demands made on it in the World War II era. The Service suddenly had to
handle millions of returns from taxpayers who never before had been
required to pay Federal income taxes. It had to assume responsibility
almost overnight for the collection of new kinds of taxes, and the
application of sharply increased rates on those taxes already in existence.
"Collection methods were drastically changed by the installation of
the income tax withholding system. Still another complication was the
fact that the rapid rise in wartime incomes fostered tax evasions that had
to be discovered and rectified.
"The inadequacy of the Revenue Service's equipment and methods was
plainly apparent, and the need for a thorough overhauling was conspicuous.
But temporarily, the problem had to be put aside. So long as the war
continued we had neither the time, the men, nor the machinery to accomplish
the necessary overhauling.
"By I9I46, the situation had changed. More men and women became
available for civilian employment as the strength of the Armed Forces
declined. More machinery became available with the reduction in the demands
for military equipment. It was then that the work of modernizing the Bureau
of Internal Revenue was started*
"Even as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem.
The period from 19U6 to 195>2 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about 90
million tax returns of all kinds annually, and in the latest fiscal year
its collections reached the record sum of $65 billion*
- 3 -
"That, in brief, is the historical background against which reorgan
ization of the Revenue Service is being effected*
11In going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant*
It could not be closed down for a week or a month while an old system
was abolished and a new system installed* The Bureau had to go right on
collecting the Nation*s revenues and doing the rest of its huge daily job,
while making the changes called for in the plan*
’’This is the fourteenth area in which the reorganization plan has
been put into effect* I have personally attended all but three of the
reorganization ceremonies* In addition, we have extensively reorganized
the headquarters of the Bureau of Internal Revenue in Washington* We
shall proceed with reorganization in other districts, on a schedule which
calls for completion of the program by December 1st of this year*
’’Under the skillful direction of the Commissioner of Internal Revenue
and his associates, the transition is being accomplished smoothly and
without inconvenience to taxpayers.
’’Reorganization Plan No* 1 is not a complicated blueprint understand
able only by experts* It is simple*
’’One of its provisions is to eliminate all non-career offices in
the Revenue Service, with the single exception of the Commissioner of
Internal Revenue* Every post in the service, with that one exception, will
now be filled by Civil Service appointees.
’’Another important feature is the simplification and streamlining
of administrative authority, so as to eliminate complexities for the tax
payer and improve methods of supervision.
’’Here is how the Devner District will be administered* In each of
the five States of this district, there is being established an office
of Director of Internal Revenue* The office of each Director will be in
the same location as that of the State’s former Collector of Internal
Revenue whom the Director replaces*
’’Each Director will maintain supervision over all Federal Revenue
Service matters within his State* Taxpayers are assured of improved
service and greater convenience because henceforth the Director, or his
local representative, will be responsible for complete handling of all
Federal tax matters in his locality. For convenience, local representatives
will be stationed throughout these five States in 63 presently located
offices and posts of duty.
’’For purposes of general area supervision and coordination of local
tax administration, there is being established in Denver the office of
District Commissioner. This office is a new provision in the reorganization*
335
u The District Commissioner for Denver has full responsibility for all
field activities in the five States of Colorado., looming, Utah., Arizona
and New Mexico* Under this reorganization, there are clear and direct
lines of authority and accountability from the Directors of Internal
Revenue to the District Commissioner and from the District Commissioner
to the Commissioner in Washington*
nOne of the members of the District Commissioner’s staff will be the
Assistant District Commissioner for Intelligence* Under his direction
there will be intensified efforts to see that every fraudulent attempt
to evade Federal taxes will bring quick investigation and action*
’’The task of fighting tax frauds never was an easy one* In recent
years the criminal element has attempted tax evasion with greater
persistence than ever before* It is our determination that this
persistence will be met by the special agents of the Revenue Service with
even greater enforcement diligence* The Assistant District Commissioner
for Intelligence will see that the full limit of available manpower is
applied to the tax evasion problem*
“In streamlining the Revenue Bureau’s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past* There
has been established an independent Inspection Service, under the
direction of another Assistant Commissioner, which will maintain a
constant check on employee conduct and watch other Revenue Service activities as well*
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust* The work of Congressional investigative groups has had, and will
continue to have, our full cooperation*
"In placing the Reorganisation Plan- In effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts* I am confident that our
selections for the office of District Commissioner here in Denver and the
offices of Director of Internal Revenue in Cheyenne, Salt Lake City,
Albuquerque, Phoenix, and here, will measure up to every expectation*
"The five States which these officers will serve are, as I mentioned
earlier, of tremendous importance to our defense effort and to the
productive power of our economy* The vast deposits of uranium are a
keystone of our national defense, and the activities at Los Alamos are
making this resource an effective element of the defense program* The
power and water supply provided by the Hoover Dam have expanded agricultural
and industrial enterprises in large portions of this district as well as
in other neighboring States* Throughout this region the past decade has
been one of unparalleled progress and prosperity*.
- 5 -
"Since 19U0 the population of the five States included in the Denver
District has increased by over 30 percent* During the same period, the
increase for the country as a whole was only 18 percent* While income
payments to individuals in the country as a whole have tripled since
19U0, this region has shown an even greater increase* Last year income
payments to individuals in these five States were more than four times
as large as they were in 19l*0 apd the percentage increase was 36 percent
higher than the national average*
"lour economic progress is not evidenced, however, simply by the
greater incomes which you enjoy* It is evidenced also by the enlarged
opportunities which increased industrialization has brought to the people
in your cities and towns*
"As your economy is expanding, so is its importance growing to our
country*s revenue system*
"In the 19^2 fiscal year there were close to 1-1/2 million individual
income tax returns filed in this five-state area — a ninefold increase
since 19U0* The total number of tax returns filed in this district in
fiscal 19^2 amounted to over 2 million, as compared with less than 1*00,000
in 19l*0* Total Federal tax collections from these States in the past
fiscal year amounted to over $1 billion*
"It is with much satisfaction that we bring to this magnificent and
ever growing section of America a modernized and revitalized Federal
Revenue Service such as that incorporated in the Internal Revenue
Reorganization Plan*
"We have had most generous cooperation in arranging today’s ceremony•
I want to express our warm appreciation to all those who have taken a
part in making this occasion possible*
"It is my firm belief that the result of today’s reorganization
proceedings here, and those held or to be held throughout the Nation,
will be to give the American people a Revenue Service of maximum efficiency
and operating economy, manned by employees of unquestioned integrity*"
0O0
|i|I
b e
to give the American
people « Revenue service of maximum
efficiency and operating economy,
manned dy employees of unquestioned
integr ity.
III
in the 1
©
1S0W ff JgJ
*.l#.0
tl B |J fflO S X 0 0 O'®f* 0 MS
ft HV &
cooperat ian in arr&ng »8§ today
d
t to express our
t
a r m
l
.apr
p«.rt §i
tin
&|
li10 o c#c#n n i
/(
p ro ce e d in g s
I;
to
i
It is wy
t.n0 r esuai
or
thas
of
lft
b i t .
rfe
t i l t
today
here,
tith e l d
s
re®rub
izet
and t if® i§® ffe X
thr
«&*»
1f
UP |
1
. j
in iiiion
in
1940.
i o n 3-
a.uuntvd
to uvee
in tn© past
m
£
I8
l
oí
H i« a »
fe lili or
t I8taCt I0
V*h ích
an
and
t U i i i i €&
r
i tor y
O a
e v e r acid ina new
l.eösra.i
i yotr
W
« u n cult u r a l
u
■* - ó / *
í isca
th«t '«e ferì
ai
m
an¡i th© ¡ferr
14 tí V a Cf tó
/i
I r u
iota i
fl U
Z O fi 8-
i
aht oí o y r Mat i on an
v. *$„
vital service o i
minent such as that
i
mpro-vf
f e à e r f e 1
incorporated
IBR
—
2M*1*«*
»
•*
and h e r e , will measure up to
every e x p e c t « ti
li
il
ftìi s
à r B
w ii ì
C
%'■$r:
p;é
1 $m
&
m W ich those otti
u r %§ i l
Ì
X
i » 1
B
I astest
o
i
r 0 « in, *r sii,
'Ili 1
•tISS 1 ifi
M,
the entire e
Paiitarni« *rÄ «|
%#**Jr%# y
ü t V ü Ö a
f i
ut
a in 1
ld
i t
9%
1
5
'¿'*'&
A fi
percent ri..
n*
g*fr
o b j e c t IV 8
0 il p
¡A U
0
be named t o th§
only
^ iiAi>*1»^ ¿jJl8
and watch other Hevenue service
activities as well.
^fhe Treasury and the Revenue
bureau have fatten positive steps to
eliminate from the service those
employees who have tailed in their
public trust.
The wora of
Congress ionai irivest igat ive
Ire-ups has had, and will continue
to have, our full cooperation.
1 U M }h plac ing the keorgani zation
.Plan in effect, we have made it
that city.
For c o n v e n i e n c e , local
representatives will
t h r o u g h o u t California
i i in 77 l o cal off ices
For p u r p o s e s of g e n e r a l f a r e a
s u p e r v i s i o n a n d i c o o r d i n a t i o n of
local tax a d m i n i s t r a t i o n , t h ere is
bein g e s t a b l i s h e d in Los A n g e l e s
the office of District Commissioner.
This office is a new provision in
the reorganization.
The District
Each 0 irector w i 11 m a i n t a i n activ
s u p e r v i s i o n over all F e d e r a l Revenue
Service m a t t e r s w i t h i n his particular
collection district.
T a x p a y e r s are
a s s u r e d of improved s e r v i c e and greats
c o n t i n u e d in
21
•
•
sac
will
m
m
e® filled by Civil
Service appointees.
,t
Another important featur
is the simplification and
3*1 Si
streamlining of adroini strati
authority, so as to éliminât
complexities for the taxpaye
m
i
W
01 s
Is Ili
ill
i
State
£$&
»¿ft
to taxpayers.
fitorgtrti2 ation Plan No. 1
h
is not ft complicated blueprint
understandable only by experts,
it is simple.
it
'
*
»
*
-One of its provisions is
to eliminate all non-career
offices in the Revenue Service,
with the single exception of
the Commissioner of Internal
Revenue,
every post in the
service, with that one exception,
§1,3* i liri|§ incrtiii in the number
of income tax returns, both
individual and corporate, and
tax collections inor eased
proportionately.
Today the
■H liMi a
. ’
bureau of Inter nil Revenue
receives about- 90 million tax
returns of all Kinds annually,
and in the latest fiscal year
its collections reached the
record
s u m
of I60 billion.
II
That, in brief,
is the
w o m e n
oe discovered and rectified.
The inadequacy of the Revenue
11
Service's equipment and methods
was Plainly apparent, and the
need for a thorough overhauling
.■ ¿'^0,
m i l l i o n s of r e t u r n s fr om
t a x p a y e r s who never b efore
had b e a n r e q u i r e d to pay
F e d e r a l income t a x e s .
It
had to a s s u m e r e s p o n s i b i l i t y
a l m o s t o v e r n i g h t for the
c o l l e c t i o n of n e w k i n d s of
taxers, and the a p p l i c a t i o n
of s h a r p l y i n c r e a s e d r a t e s
t
on t h o s e t a x e s a l r e a d y in
ex is t a n c e .
MÈMÈiM
I I
C jO c
tat
A
Our wart irae exper ience
in the Service had demonstrated
the necessity for such action.
An organization which had worked
fairly well in its earlier years,
when it collected comparatively
modest amounts of taxes from
relatively few people, had been
almost overwhelmed by the
unprecedented demands mad# on it
in the World far II era.
M
The
Service suddenly had to handle
conven ient,
o
6# v errs si# nt revanuas
uast í onecí
of Lo.i
as
Secretary
gfL
pred ict io n .
pueblo
in
»iaxraz i&caxsxziSfziiiz^ixi^Mxz x
R e l e a s e 1 0 a . m . PST ( 1 p .m . E S T )
W edne s d a y , N o v . 2 6 , 1 9 5 2
L o8 A n g e l e s ,
J c h n W. S n y d e r ,
o f th e
C a l i f .,
sp e a k in g
U n iv e rs ity
at
N ov. 26
o f S o u th e rn
T e rrito ry
S e c re ta ry
c e re m o n ie s
o ffic ia ls
o f H a w a ii,
o f th e
T re a su ry
i n H a n c o c k A u d ito r i u m
C a lifo rn ia
o f new I n t e r n a l R ev en u e S e r v i c e
N ev ad a and th e
-
s a id
fo r
fo r
th e
in s ta lla tio n
C a lifo rn ia ,
to d a y :
375
Release 10 a.m. PST (1 p.m. SST)
tiednesday, Nov» 26, 19.*>2_______
S-321H?
Los Angeles, Calif., Nov. 26 - Secretary of the Treasury John W.
Snyder, speaking at ceremonies in Hancock Auditorium of the University of
Southern California for the installation of new Internal Revenue Service
officials for California, Nevada and the Territory of Hawaii, said today:
"I am happy to be here in Los A n g ele s to ta k e a p e r s o n a l p a r t in
these cerem o n ies which i n s t a l l a m odernized F e d e r a l Revenue S e r v ic e f o r
C a lif o r n ia , N evada, and th e T e r r it o r y o f H aw aii.
”It is not a new thing, of course, for a Secretary of the Treasury
to be taking a personal interest in this Pacific territory and its
strategic importance to the commerce and revenues of our Nation. Old
records show that the Treasury was doing business almost as soon as the
treaty with Mexico was signed. Within three weeks after California
attained statehood, six separate collection districts were authorized for
the State.
nAs early as 181R3, Secretary of the Treasury Walker had predicted
that the Acquisition of our immense coast upon the pacific 1 would
•revolutionize in our favor the commerce of the world, and more ran idly
advance our greatness, wealth, and power, than any event which has
occurred since the adoption of the Constitution. 1
•’Certainly this dynamic city of Los Angeles stands today as an
impressive tribute to Secretary Walker’s sage prediction. From a sleepy
pueblo, Los Angeles has risen to the third largest metropolitan area in
our Nation and one of the most important trade and industrial areas of
the world. It is fitting that this city which has been the key to much
of this region’s spectacular progress should ever be enlarging the scope
of its service.
’•Under the authority of the President’s Reorganization Plan No. 1
of 195>2, Los Angeles has been selected as a regional center for the
supervision of a large share of the business affairs of the Internal
Revenue Bureau -- one of the world’s largest business organizations.,
lour presence here indicates that you appreciate the importance of the
progressive action we are taking.. Your presence is also an expression
of confidence that, through the operation of the Reorganization Plan, we
shall bring to the taxpayers a Revenue Service fully adequate to meet its
greatly increased responsibilities and fully meriting the confidence of
the public.
- 2 -
376
“From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley,
Assistant Secretary Graham, the Treasury Staff, the Commissioner of
Internal Revenue and his associates in the Revenue Bureau*
I
“The Reorganization Plan is the product of earnest study and diligent
effort not only by administrative experts of the Treasury Department and
the Revenue Service itself but also by individuals and groups representing
the Congress, other Government agencies, business management firms, and
taxpayer organizations
in short, the composite of the most capable
consultants available*
"The goals of this action are a maximum of operating efficiency and
economy, fast, convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau. I have every confidence that these goals will be realized*
“The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight. The study given to the problem
covered several years of intensive work, and the final drafting" of the
plan was not completed until after a long .series of preparatory steps had
been taken.
"The elimination of weak spots from the Internal.Revenue Service,
and improvements in its operational methods, began at my direction in
19^6, soon after I became Secretary of the Treasury.
"Our wartime experience in the Service had demonstrated the necessity
for such action. An organization which had worked fairly well in its
earlier years, when it collected comparatively modest amounts of taxes
from relatively few people, had been almost overwhelmed by the unprecedented
demands made on it in the World War II era. The Service suddenly had to
handle millions of returns from taxpayers who never before had been
required to pay Fédéral income taxes. It had to assume responsibility
almost overnight for the collection of new kinds of taxes, and the
application of sharply increased rates on those taxes already in existence.
"Collection methods were drastically changed by the installation of
the income tax withholding system. Still another complication was the
fact that the rapid rise in wartime incomes fostered tax evasions that
had to be discovered and rectified*
"The inadequacy of the Revenue Service’s equipment and methods was
plainly apparent, and the need for a thorough overhauling was conspicuous*
But temporarily, the problem had to be put aside. So long as the war
continued we had neither the time, the men, nor the machinery to accomplish
the necessary overhauling*
S~32l£
-3 -
377
»By 19U6, the situation had changed* More men and women became
a v a ila b le for civilian employment as,the strength of the Armed Forces
declined* More machinery became available with the reduction in the
demands for military equipment* It was then that the work of modernizing
the Bureau of Internal Revenue was started.
«»Sven as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem*
The period from 19lR$ to 19!?2 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about 90
million tax returns of all kinds annually, and in the latest fiscal year
its collections peached the record sum of $65 billion.
»‘That, in brief, is the historical background against which reorganization of the Revenue Service is being effected.
«»In going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant*
It could not be closed down for a week or a month while an old system
was abolished and a new system installed. The Bureau had to go right
on collecting the Nation«s revenues and doing the rest of its huge
daily job, while making the changes called for in the plan.
’»This is the fifteenth area in which the reorganization plan has
been put into effect. I have personally attended all but three of the
reorganization ceremonies. In addition, we have extensively reorganized
the headquarters of the Bureau of Internal Revenue in Washington. We
shall proceed with reorganization in other districts, on a schedule which
calls for completion of the program by December 1st of this year*
'«Under th e s k i l l f u l d i r e c t i o n o f th e C om m issioner o f I n t e r n a l Revenue
and h is a s s o c i a t e s , th e t r a n s i t i o n i s b e in g a c c o m p lish e d sm oo th ly and
without in co n v en ien ce to ta x p a y e r s *
"Reorganization Plan No. 1 .is not a complicated blueprint understand
able only by experts. It is simple.
»»One of its provisions is to eliminate all non-career offices in the
Revenue Service, with the single exception of the Commissioner of Internal
Revenue. Every post in the service, with that one exception, will now be
filled by Civil Service appointees.
"Another important feature is the simplification and streamlining
of administrative authority, so as to eliminate complexities for the
taxpayer and improve methods of supervision.
S-32US
- u-
378
"Here is how the Los Angeles District will be administered. In the
State of California, two offices of Director of Internal Revenue are being
established. In addition, one Director's office will be established in
the State of Nevada and one in the Territory of Hawaii* The headquarters
of the Directors will be in the same cities as were the headquarters of
the former Collectors of Internal Revenue whom the Directors replace.
"Each Director will maintain active supervision over all Federal
Revenue Service matters within his particular collection district. Tax
payers are assured of improved service and greater convenience because
henceforth the Director, or his local representative, will be responsible
for complete handling of all Federal tax matters in his locality® As an
exception to this rule in the State of California, the permissive functions
of the Alcohol and Tobacco Tax operations now located in San Francisco will
be continued in that city. For convenience, local representatives will be
stationed throughout California, Nevada and Hawaii in 77 local offices and
posts of duty.
"For purposes of general area supervision and coordination of local
tax administration, there is being established in Los Angeles the office
of District Commissioner. This office is a new provision in the reorgan
ization. The District Commissioner for Los Angeles has full responsibility
for all field activities of the Bureau in the two States of California
and Nevada and the Territory of Hawaii. Under this reorganization, there
are clear and direct lines of authority and accountability from the
Directors of Internal Revenue to the District Commissioner and from the
District Commissioner to the Commissioner in Washington.
"One of the members of the District Commissioner*s staff will be the
Assistant District Commissioner for Intelligence© Under his direction
there will be intensified efforts to see that every fraudulent attempt to
evade Federal taxes will bring quick investigation and action.
"The task of fighting tax frauds never was an easy one© In recent
years the criminal element has attempted tax evasion with greater
persistence than ever before. It is our determination that this persist
ence will be met by the special agents of the Revenue Service with even
greater enforcement diligence. The Assistant District Commissioner for
Intelligence will see that the full limit of available manpower is
applied to the tax evasion problem.
"In streamlining the Revenue Bureau*s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the pasto There has
been established an independent Inspection Service, under the direction of
another Assistant Commissioner, which will maintain a constant check on
employee conduct and watch other Revenue Service activities as well*
"The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust. The work of Congressional investigative groups, has had, and will
continue to have, our full cooperation.
8-321*5
- 5 -
379
"In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts. I am confident that our
selections for the office of District Commissioner here in Los Angeles
and the offices of Director of Internal Revenue in San Francisco, Reno,
Honolulu, and here, will measure up to every expectation.
"The economic importance of the area which these officers will serve
is evidenced by the fact that it is one of the fastest growing areas,
populationwise, in the entire country. Since 19H0, California and Nevada
have been among the top states in percentage gain in population. California,
with a £8 percent rise in population, ranks second among all States.
Nevada ranks fourth with a 53 percent increase. By comparison, the United
States average was only an 18 percent increase.
"The économe importance of this area is also evidenced by the upward
surge of its business activity and the higher individual prosperity which
has come to its people. Since 191*0, income payments to individuals in
these two States have almost quadrupled and the percentage increase was
27 percent higher than the national average. Last year alone, income pay
ments to individuals in California and Nevada totaled over $21-1/2 billion.
"As your economy has continued to expand, so has its importance
grown to our country's revenue system. In size alone, Federal revenue
operations in the two States of California and Nevada and the Territory
of Hawaii bear little resemblance to those of as short a time ago as 19l*0.
"In the 191*0 fiscal year there were less than 700,000 individual
income tax returns filed in this district. In the 1952 fiscal year there
were over l*-l/2 million such returns filed. The total number of tax
returns filed in this district in fiscal 1952 amounted to close to 7 million,
as compared with 1.5 million in 19l*0. Total Federal tax collections from
California, Nevada, and the Territory of Hawaii amounted to over |l*-3/l*
billion in the past fiscal year.
"It is with much satisfaction that we bring to an area which is ever
adding new horizons to the agricultural and industrial might of our Nation
an improvement in a vital service of the Federal Government such as that
incorporated in the Internal Revenue Reorganization Plan.
"We have had most generous cooperation in arranging today's ceremony.
I want to express our warm appreciation to all those who have taken a part
in making this occasion possible.
"It is my firm belief that the result of today's reorganization
proceedings here, and those held or to be held throughout the Nation, will
be to give the American people a Revenue Service of maximum efficiency and
operating economy, manned by employees of unquestioned integrity."
S-32i*5
oOo
- 3 -
y js s s t
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
Imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections
h2 and 11? (a) (1) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19bX, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular Ho. Iil8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
t
-
dealers in investment securities •
2
-
Tenders from others must be accompanied
■j^y payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company*
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final*
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
December U.
19$2
, in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
December U,
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto,
The bills shall be
/
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, November 27* 1952
~"B5
The Secretary of the Treasury, by this public notice, invites tenders
for $1,300,000*000 , or thereabouts, of
91 -day Treasury bills, for
—
w
—
.m
cash and in exchange for Treasury bills maturing
, in
December k* 1952
H i
the amount of $ 1,300,311,000 * to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
March
terest.
The bills
December iu 1952
, and will mature
---------- ---------------5, 1953______ , when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500 ,000 , and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p,m,, Eastern Standard time,
Monday, December 1, 1952»
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925«
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TREASURY D EPA R TM EN T
Information Service
WASHINGTON, D .C
38
RELEASE MORNING NEWSPAPERS,
Thursday, November 27, 1952.
1-3246
The Secretary of the Treasury., by this public notice, invites
tenders for $ 1 , 3 0 0 / 0 0 0 , 0 0 0 , or thereabouts,, of 91-day Treasury bills,,
for cash and in exchange for Treasury bills maturing December 4, 1952
in the amount of $ 1 , 3 0 0 , 3 1 1 , 0 0 0 , to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
_ed.
The bills of this series will be dated December 4, 1952,
provi
|
and will mature March- 5, 1953, when the face amount will be payable
without interest.
They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and
$1,000,COO (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o 1
’clock p.m., Eastern Standard t ime,
Monday,.. December 1, 1952.
Tenders will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered .must be expressed on the basis of .100, with not more than
three decimals, e. g., 99*925*
Fractions may not be u s e d . Xt is
urged that; tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches, on application therefor .
Others than banking institutions will not be permitted to submit
tenders except for their own account.
Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are ■
accompanied by an express guaranty of payment by an incorporated bank
trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept or
re0ect any or all tenders, in whole or in part, and his action in any
such respect shall be final.
Subject to these reservations, non
competitive tenders for $200,000 or less without stated price from
an7 one bidder will be accepted in full at the average price (in
- 2 -
three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on ’
.December 4, 19j 23 in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing December 4, 1952.
Cash arid exchange tenders
will receive equal treatment.
Cash a d j u s tmentswill be made for
differences between the par value of maturing bills accepted in
exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain,
from the sale or other disposition of the bills, shall not have any
exemption, as such, and loss from the sale or other disposition or
Treasury bills shall not have any special treatment, as such, under
the Internal Revenue Code, .or laws amendatory or supplementary
thereto.
The bills shall be.subject to estate, inheritance, gilt or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the; principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority.
For purposes oí
taxation the amount of discount at which Treasury bills aré
originally sold by the United States shalT be considere
o
interest.
Under Sections 42 and 117 (a) (l) .of the Internal Revenue
Code, as.amended by Section 115 of the Revenue Act of.1941, the
amount of discount at which, bills issued hereunder are
<
be considered to accrue until such bills shall be.^soid^ r e t e ^ d or
otherwise' disposed of, and such bills a r é excluded
as capital assets.
Accordingly the owner of Treasury i ^ \
,_
than life insurance companies) issued hereunder need m e 1 id^
income tax return only the difference between the- price paid lor
such bills, whether on original issue or on subsequent purchase, and
the amount actually received either upon sale or redemption at
as
maturity dux^Ing the taxable year ior which the return Is
ordinary gain, or loss.
,
.
Treasury Department Circular No. 4l8, as amended, and this
notice; prescribe the terms of the Treasury bills and govern
.
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
y loicality where the e*0 inst a l l a t ion
ew
have t ak'en place.
that
x
È
«41□
i*#nifi es to me
ffm f
This
c#
he f orv/a
h© improved proced uri
look ins personnel policy
the advanced
J
for 0 perat ing ef 1
■*
i(tï ÓwU
c s c uir î«M
s n fWVI
’ P'
in
10 e s
s of t r u s t wort î‘
hi ch the R e o r g a n 1 z a t 1
■1
f1i14
5Üiifn
1I o
v
s e r t
ÌV6 W O !
((
4 .1
«1»
I JL cu ì
oublie confidence.
ly firm !îelief th
this public
IN S E R T :
»„der Secretary Foley introduced Secretary S n y d e r a .
the prin cipal speaker.
- , h . man * o
„ .tic .t.d
from the very
He
referred to the Secretary
r e o r g a n is a tio n
ef th e
^
B e.en u . S e re tce
s t a r t , and .h o e e gu id an ce, in s p ir a tio n and
firm resolve saw
it through
to
0O0
accomplishment."
O
t
litv
where these installations
«MR
ve taken place.
This signifies to me
that the improved procedures, th
iffQ ï"'#4
w {S I t;
5
is the largest bureau of the
Department, and one of the largest
in the entire G o v e r n m e n t .
TO«ia
t we are to do here today is bring
up to date the structure and the operating
procedures of this very vital arm of the
government
if
M# £5
nt to express to the people of the
State of Ohio, and to their local official
our appreciation of your hospitality and o
the cooperation which we have had in
arranging for this ceremony
it
e have had similar cooperation in
govern?'
as?
C
s.w
the t a
b
%*
a f?
iH
r hi rase
much to the taxpayer
(¥e arc now inaug
manner of administer
I6S»
t\
The duties
receiving and processing x m
nox
t a x reporl
tens of rni i n c s of Americans each year,
<9 o
partner aftins
©
concera co
act ivi ties
mm
I want to welcome a
these proceeo mgs, x
to institute for +Vi
improvement in
U U I Ü O U
j5
%#%
#
r «» JrO isp
>*v
ad mi .1iof
im
3
pose
ich is
R elease 10 a.m. EST
Monday, Dec« 1 , 1952
S
^7
C le v e la n d , O hio, Dec. 1 -
Under S e cr e ta r y o f the
in the
Treasury Edward H. F o le y , speaking a t ceremonies xpKxkixg
C levelan d P u b lic Auditorium ^ u s i o H a ll fo r th e in s t a lla t io n
of o f f ic ia ls
fo r Ohio,
o f the re o rgan ized In te r n a l Revenue S ervice
sa id to d a y :
M0n b e h a lf o f th e Treasury Department, I . • •
TREASURY DEPARTM EN T
Information Service
RELEASE 10 a.m. EST
Monday, December 1, 1952.
WASHINGTON, D .C.
S-3247
Cleveland, Ohio, Dec. 1 - Under Secretary of the Treasury
Edward H. Foley, speaking at ceremonies in the Cleveland Public
Auditorium Music Hall for the installation oi officials of the
reorganized Internal Revenue Service for Ohio, said today:
u0n behalf of the Treasury Department, I want to welcome all of
you cordially to these proceedings, the purpose of which is to
institute for the State of Ohio a basic improvement in the organi
zation and methods of the Bureau of Internal Revenue.
"This State forms a region which for purposes of Internal
Revenue Service administration will be known hereafter as the
Cleveland District.
"The action which we are taking to reorganize the Revenue
Service embodies one of the most progressive steps in good govern
ment in the history of this country. As you know, the Reorganization
Plan now being placed in effect received a few months ago the
overwhelming approval of the Congress. Your support of it, as
indicated by your presence here this morning, is gratifying to all
who have had a hand in making this action possible.
"The manner in which the Bureau of Internal Revenue functions
is of direct concern to every taxpayer. Its activities affect the
welfare of the taxpayers government as well as the financial
affairs of the taxpayer himself. Therefore, it is very much to the
taxpayer’s interest that we are now inaugurating a new and better
manner of administering the Revenue Bureau’s responsibilities.
"The duties of the Bureau involve not only receiving and pro
cessing the tax reports of tens of millions of Americans each year,
but also the handling of tax returns from partnerships and
corporations, excess profits taxes, the excises on cigarettes and
liquor and jewelry and many other items, the taxes on the gains of
gamblers, and a long list of other levies.
"in addition to collecting and recording these taxes, the
Bureau checks the accuracy of returns, investigates a large number of
them in detail, collects billions in taxes not voluntarily reported
and makes refunds on overpayments running into billions.
332
-
2
-
"That is still not the last of the B u r e a u ’s duties.
It has
additional tasks such as issuing permits for distillers and the
manufacture of firearms, and the supervision of various angles of
the alcoholic beverage business.
"It is the largest bureau of the Treasury Department, and one
of the largest in the entire Government,
"What we are to do here today is bring up to date the structure
and the operating procedures of this very vital arm of the
Government.
"I want to express to the people of the State of Ohio, and to
their local officials, our appreciation of your hospitality and of
the cooperation which we have had in arranging for this ceremony.
"We have had similar cooperation in every locality where these
installations have taken place.
This signifies to me that the
improved procedures, the forward-looking personnel policy, the
advanced design for operating efficiency, and the ’built-in'
assurances of trustworthy performance which the Reorganization Plan
provides have won full public confidence.
"It is my firm belief that this public confidence will prove
well placed."
Under Secretary Foley introduced Secretary Snyder as the
principal speaker.
He referred to the Secretary as "the man who
motivated reorganization of the Revenue Service from the ve r y start,
and whose guidance, inspiration and firm resolve saw it through to
accomplishment."
0 O0
S-3247
tax collections
stata in the
7 percent of
Internal Revenue tax
Plan.
•.Pr
2d
in a peacet ime economy and
vital in times ot national
defense.
Lixewiae. agriculture
is a highly developed enterprise
in this StIt*.
During the first
six months of 1952, cash receipt®
from farm marketings in Ohio
represented over 3-1/2
percent of the total for
country
Jr
This -State which
a Great
»
and will continue to
ioner
Bureau
22
Intelligence.
Under his direction
there will be intensified efforts
to see that every fraudulent
attempt to evade Federal taxes will
bring quick
n
investigation and action.
The task of fighting tax frauds
never was an easy o n e .
In recent
years the criminal element has
attempted tax evasion with greater
persistence than ever before.
It is
our determination that this
persistence will be met by the special
21
a c t i v 1 1 1 a 6 in the »our coxicction
y
d i s t r i c t s .
i»
&
reoryknization, there ¿re clear
i i
r
A
i
n
0 &
ui
§ u
^nd i|q ooyiiAnJb-1X ixy 11 ow Ah
m#
irectors of Internal never,ue to
istrict Cotamrssioner
;r c
the District Com«»i ss ioner to the
C o m m
iss ioner in -«ash ifigton.
it
%$■ 1
&%
- «i
f
t
©
t-m t&
lr
f
¿¡i rs**5*-ss
-ss
™rx '
**1
I "
Si
r's
w
ic t Cororai as ioner *s s a 1
t 11
n
f.la
S*
i11
3.3 istant fii ;-tr ict Oo.vjirii ssi on r
\
.
«*
*»
fiat ioft©cl throughout these four
collection districts in 65 local
offices aiMl posts of duty.
* f o r
purposes of general area
supervision and coordination of local
tax administration, there it doing
established in Cleveland the office
of District Coatsi®sioner.
This
office is a new provision in the
reorganisation.
The District
Commissioner for Cleveland has full
responsibili ty for all field
t a i n supfcf'v i & i on ove r
«
jlx
r t i e r aa
kevenue service matters within their
collect ion districts.
t r s ¿re
Ia
nd .. f n atel
& s @ u r e d
e 1o r t h t
conven
representa t ive,
irector,
■W
iif
**
p; r
I ^i w»
1 11
b
ñ
com.
oc
r 80
%#■ I
*V
i
H is j»0 0 mjl i i*
local representatives will
mssmsscsmm
m m unm
1
H Tc T
««If
%••■f
**I
,4
Stm iM
is.'f
-
- 17 without inconvenience to taxpayers.
w Reorgan ization Plan N o . 1 is not
a complicated blueprint understandable
only by experts.
It is.simple.
"One of its provisions is to
eliminate all non-career offices in
the Revenue Service, with the single
exception of the Commissioner of
Internal Revenue.
Every post in
the service, with that one
exception, will now be filled by
Civil Service appointees.
fil?
of the i n s t a l l a t i o n c e r e m o n i e s
In addition, we have e x t e n s i v e l y
r e o r g a n i z e d the h e a d q u a r t e r s of
the B u r e a u of Internal R e v e n u e in
ashington.
SIimilar
R
Later today, with a
c e r e m o n y in Detroit, we
w i l l c o m p l e t e our r e o r g a n i z a t i o n
program.
n
ar the skillful direction
of the C o m m i s s i o n e r of In t e r n a l Revanu«|
and hi® a s so c i a t e s ,
the t r a n s i t i o n
is b e i n g a c c o m p l i s h e d s m o o t h l y and
c o l l e c t ione
10
?r* u n p r e c e d e n t e d d e m a n d s m a d e on it
in the W o r l d W a r 1 1 era.
The
S e rv i c e s u d d e n l y had to h a nd l e
m i l l i o n s of r e t u r n s f r o m t a x p a y e r s
who never b e f o r e had b e e n r e q u i r e d
to pay F e d e r a l income taxes.
it
j
had to assu m e r e s p o n s i b i l i t y
a l m o s t o v e r n i g h t for the c o l l e c t i o n
of n e w k i n d s of taxes, and the
a p p l i c a t i o n of s h a r p l y i ncreased
r a t e s in those t a x e s a l r e a d y in
exi s t a n c e
at my
©r v ii*8 ii»s d e m o n s 1
•4* ä
l»vU
necessity for such a c t i o n .
An
oruani zation which had worked
fairly well in its' ü n r i iär y ti<ir s
wh e n
it
modest
relativ
i deuce
** o **
Keoro&ni ¿«ti
erv ice
»
o
fitÖ s
4*
structure
5
ar Ies
c r e a t i o n of
c»erv Ice
can
to continue their
CJT
ive
the *progress
'
«&■
Wik
9 II m
j nor eased
In fo
s e rv ic e
h e a d in g
R e l e a s e 1 0 a . m . EST
Mqq d a y j D e c . J t 1 9 5 2
C le v e l a n d , O h io ,
Jo h n W . S n y d e r ,
A u d ito riu m f o r
In te rn a l
S-
D ec.
s p e a k in g
th e
R evenue
at
1 -
c e re m o n ie s
in s ta lla tio n
S e rv ice
fo r
S e c re ta ry
in
of
3
th e
th e
s a id
to d a y :
T reasu ry
C le v e la n d
o f new o f f i c i a l s
O h io ,
^
o f th e
P u b lic
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
427
Release 10:00 a.m, EST
Monday, Dec. 1, 1952
S-32U8
Clevel and, Ohio, Dec. 1 - Secretary of the Treasury John ¥.
Snyder, speaking at ceremonies in the Cleveland Public Auditorium
for the installation of new officials of the Internal Revenue
Service for Ohio, said today:
HI am happy to be here today to participate in these ceremonies
which bring to the State of Ohio a modernized Internal Revenue Service,
with District headquarters in Cleveland. This ceremony marks one of
our final installations to complete throughout the country the
reorganization of the Bureau of Internal Revenue, pursuant to the
provisions of the President*s Reorganization Plan No. 1 of 1952.
»Your presence here indicates that you appreciate the importance
of the progressive action which we have taken. Your presence is also
an expression of confidence that, through the operation of the new
plan, we shall bring to the taxpayers a Revenue Service fully adequate
to meet its greatly increased responsibilities and fully meriting the
confidence of the public.
»Better service to the American citizens and. better service to the
Nation have real meaning for the people of this city and State, whose
history is replete with contributions to America*s progress and leadership.
Since the early years of the Republic, when the site of this city was
carved out of the western wilderness, Cleveland lias grown steadily to
become one of our Nation*s great industrial, intellectual and spiritual
towers of strength. Ohio has given our Nation six of its Presidents and
five of its Secretaries of the Treasury. Since the creation of the
office of Commissioner of Internal Revenue in 1862, three Ohioans have
served in this top post of the Revenue Service.
"I know that we can count on the people of Ohio to continue their
efforts to strengthen the financial structure of our Government and to
make the reorganized Revenue Service which is being instituted here in
Cleveland today a model in good government administration,
"From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley,
Assistant Secretary Graham, the Treasury Staff, the Commissioner of
Internal Revenue and his associates in the Revenue Bureau.
-• 2 •»
"The Reorganization Plan is the product of earnest study and
diligent effort not only by administrative experts of the Treasury
Department' and the Revenue Service itself but also by individuals and
groups representing the Congress, other Government agencies, business
management firms, and taxpayer organizations — in short, the composite
of the most capable consultants available,
"The goals of this action are a maximum of operating efficiency and
economy, fast, convenient, and accurate service to all persons transacting
business with the Bureau, scrupulous protection of the Government revenues,
and the maintenance of unquestioned integrity among the employees of the
Bureau, I have every confidence that these goals will be realized,
"The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight, ihe study given to the problem
covered several years of intensive work, and the final drafting of the
plan was not completed until after a long series of preparatory steps had
been taken,
"The elimination of weak spots from the Internal Revenue Service,
and improvements in its operational methods, began at my direction in ipli.6 ,
soon after 1 became Secretary of the Treasury#
"Our wartime experience in the Service had demonstrated the necessity
for such action. An organization which had worked fairly well in its
earlier years, when it collected comparatively modest amounts of taxes from
relatively few people, had been almost overwhelmed by the unprecedented
demands made on it in the World War II era. The Service suddenly had to
handle millions of returns from taxpayers who never before had been
required to pay Federal income taxes. It had to assume responsibility
almost overnight for the collection of new kinds of taxes, and the
application of sharply increased rates in those taxes already in existence,
"Collection methods were drastically changed by the installation of
the income tax withholding system. Still another complication was the fact
that the rapid rise in wartime incomes fostered tax evasions that had to be
discovered and rectified.
"The inadequacy of the Revenue Service}s equipment and methods was
plainly apparent, and the need for a thorough overhauling was conspicuous.
But temporarily, the problem had to be put aside. So long as the war
continued we had neither the time, the men, nor the machinery to accomplish
the necessary overhauling.
"By 191*6, the situation had changed. More men and women became
available for civilian employment as the strength of the Armed Forces
declined. More machinery became available with the reduction in the demands
for military equipment. It was then that the work of modernizing the
Bureau of Internal Revenue was started#
S~3l£8
429
- 3 I
»»Even as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem.
Ihe period from I9I46 to 1952 saw a large increase in the number of income
tax returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about
90 million tax returns of all kinds annually, and in the latest fiscal
year its collections reached the record sum of $65 billion.
»'That, in brief, is the historical background against which
reorganization of the Revenue Service is being effected.
"In going about this task, we had to remember constantly that the
Eureau of Internal Revenue is not like a factory, or an assembly plant.
It could not be closed down for a week or a month while an old system was
abolished and a new system installed. The Bureau had to go right on
collecting the Nation*s revenues and doing the rest of its huge daily job,
while making the changes called for in.the plan.
"This is the sixteenth area in which the reorganization plan has been
put into effect. I have personally attended all but three of the install
lation ceremonies. In addition, we have extensively reorganized the
headquarters of the Bureau of Internal Revenue in Washington. Later today,
with a similar ceremony in Detroit, we will complete our reorganization
program.
"Under the skillful direction of the Commissioner of Internal Revenue
and his associates, the transition is being accomplished smoothly and
without inconvenience to taxpayers.
"Reorganization Plan No. 1 is not a complicated blueprint understand
able oniy by experts. It is simple.
"One of its provisions is to eliminate all non-career offices in the
Revenue Service, with the single exception of the Commissioner of Internal
Revenue. Every post in the service, with that one exception, will now be
filled by Civil Service appointees.
"Another important feature is the simplification and streamlining of
administrative authority, so as to- eliminate complexities for the taxpayer
and improve methods of supervision.
"Here is how the Cleveland District will be administered. In this
District, four offices of Director of Internal Revenue are being established.
These four offices of the Director will be located in the cities of
Cleveland, Columbus, Cincinnati and Toledo.
S-32L8
- u uIn general, the Directors will maintain supervision over all
Federal Revenue Service matters within their collection districts4
Taxpayers are assured o f improved service and greater convenience because
henceforth the Director, or his local representative, will be responsible
for complete handling of all Federal tax matters in his locality* For
convenience, local representatives will be stationed throughout these
four collection districts in 6 f> local offices and posts of duty.
t'For purposes of general area supervision and coordination of local
tax administration, there is being established in Cleveland the office
of District Commissioner* This office is a new provision in the re
organization. The District Commissioner for Cleveland has full responsi
bility for all field activities in the four collection districts. Under
this reorganization, there are clear and direct lines of authority and
accountability from the Directors of Internal Revenue to the District
Commissioner and from the District Commissioner to the Commissioner in
Washington.
»One of the members of the District Commissioner*s staff will be
the Assistant District Commissioner for Intelligence. Under his direction
there will be intensified efforts to see that every fraudulent attempt to
evade Federal taxes will bring quick investigation and action.
"The task of fighting tax frauds never was an easy one. In recent
years the criminal element has attempted tax evasion with greater per
sistence than ever before. It is our determination that this persistence
will be met by the special agents of the Revenue Service with even greater
enforcement diligence. The Assistant District Commissioner for Intelligence
will see that the full limit of available manpower is sp plied to the tax
evasion problem.
»In streamlining the Revenue Bureau*s operations, we have provided
for improved supervision of employee conduct, and helped eliminate the
temptations to which some employees have succumbed in the past. There
has been established an independent Inspection Service* under the direction
of an Assistant Commissioner for Inspection, which will maintain a constant
check on employee conduct and watch other Revenue Service activities as well.
»The Treasury and the Revenue Bureau have taken positive steps to
eliminate from the Service those employees who have failed in their public
trust. The work of Congressional investigative groups has had, and will
continue to have, our full cooperation.
»In placing the Reorganization Plan in effect, we have made it our
objective that only the most capable persons available would be named to
the positions of District Commissioner of Internal Revenue, Director of
Internal Revenue, and other supervisory posts. I am confident that our
selections for the office o-f District Commissioner here in Cleveland and
the offices of Director of Internal Revenue in Columbus, Cincinnati*
Toledo and here, will measure up to every expectation.
S-32U6
- 5-
43
nThe State of Ohio which these officers will serve, providing as it
does a wide variety of basic enterprises, is one of great importance to
the economic strength of our Nation«
"Throughout the State, highly developed industrial centers contribute
to America<s productive power through the manufacture of rubber products,
machine tools, machinery and metal products, aircraft and many other
items essential in a peacetime economy and vital in times of national
defense«, Likewise, agriculture is a highly developed enterprise in this
State« During the first six months of 19i?2, cash receipts from farm
marketings in Ohio represented over 3-1/2 percent of the total for the
country©
"This State which was a great productive arsenal for our Nation in
World War II is once again in the national spotlight for its many contri
butions to our current defense effort. A recent example is the selection
of the Portsmouth area for the site of one of our most vital atomic
energy projects*
"As you have been constantly expanding the productivity of your
economy, so has its importance been growing to our countryls revenue
system.
"In the 19^2 fiscal year there were over 3-1/2 million individual
income tax returns filed in the Ohio collection areas which now comprise
the Cleveland District. This was approximately 7 times the number filed
in 19U0* The total number of tax returns filed in this district in
fiscal 1952 was about k million, as compared with 1 million in 19U0*
Total tax collections from this state in the past fiscal year amounted
to IU-1/2 billion, or 7 percent of the countryfs total Internal Revenue
tax collections.
"It is with much satisfaction that we bring to such an outstanding
state a modernized Federal Revenue Service such as that incorporated in
the Internal Revenue Reorganization Plan.
"We have had most generous cooperation in arranging today *-s ceremony*
I want to express our warm appreciation to all those who have taken a
part in making this occasion possible.
"It is my firm belief that todayfs reorganization proceedings, and
those alreacfy- held throughout the Nation, will give the American people
a Revenue Service of maximum efficiency and operating economy, manned by
employees of unquestioned integrity."
0 O0
S-32U8
S£ff
everv locality where these
iis s ig n if ie
have taken place
that the ifill
(
sciures,
-J
fi
kina personnel
I'iff*
IJ i,
opérât ing
design f-
jnet allat ion«
lit
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f Ic Ienc'ï
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and the
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O
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confidence will
S
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1 ef that t
ell placed.
Uui
o
INSERT:
Under Secretary Foley introduced Secretary Snyder as
the p rin cip al speaker.
He referred to the Secretary as the
man who motivated reorganization of the Revenue Service from
the very sta rt, and whose guidance, inspiration and firm
resolve saw i t through to accomplishment.
oOo
where these installations
every loe
This signifie
have taken p
improved p
iat ti
yj q r*ft
w di y
e n u r e s
/
i n n
rV fit
for
%
éw
in
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EX
i
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assurances
the
u s x w o r
Reorga.il iz
provides have won
«
enee.
K i "©
iUi*o^
*>:/ nub
M
J
»il
confi d
3 will prove
Release 2:00
0
b
I
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every locality where these installations
have taken place.
This signifies to
1.1&■ i
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cy, the ad
üUi
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■Ul
©
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icn for operating err*# ir>
ic iency, and the
in
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trustworthy
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provides have won
a
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ove well
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so reorganizatic
nan
Revenue uerv4.ce trom t ne very s4i*L m1P*fv y
whose
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inspiration
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e saw it through to accompli snuei
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5
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n
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3o
one of the largest
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(twhat we are to do
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U p
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is
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t
in q
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4
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to their local
at ion of your hospital
¡¡¡ft
3
government as well as the financial affairs
of the taxpayer himself.
v e r y
Therefore,
much to the t a x p a y e r s
it is
interest that
we are now inaugurating a new and better
manner of administering the Revenue Bureau's
responsibilities.
lCThe duties of the Bureau involve not
only receiving and processing the tax report
of tens of millions of Americans each year,
but also the handling of tax returns from
partnerships and corporal ions, excess
profits taxes, the excises on cigarettes and
liquor and jewelry and many other items,
2
ri r . P
4
one
j, * >«%
-t progressive
«#«■
istory of this country.
government in
%r
kinow,
.8
in good
jri
11
**
Plan now
Reoraar
received a
ng placed in
months
dl
<%w:%ap|
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ort of it, as indi
presence here this
it iTy ing
aking this action
Internal
concern
118
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s Is
l ai
in
0
W"-'
Y8*
''On b e h a l f
of the>, Secret a r y -;— -aft#— 1§||
Hp
T r e a l
ury Department,
I want to welcome all of you cordially to
these proceedings, the purpose of which is
to institute for the state of Michigan a
basic improvement in the organization and
methods of the Bureau of internal Revenue.
(l This state forms a region which for
purposes of Internal Revenue service
adm in istrat ion will be known hereafter as
the Detroit District,
((the action which we are taking to
reorganize the Revenue Service embodies
-si»'
s- / a V 7
Release 2 p.m. EST
M o n day, Dec, 1, 1952
Detroit, Mich,, Dec, 1 - Under Secretary of the
/
Treasury Edward H. Foley, speaking at ceremonies in the
Veterans Memorial Building for the in sta lla tio n of o ffic ia ls
of the reorganized Internal Revenue Service for Michigan,
said today:
M0n fehalf of the Treasury Department, I . . . •
TREA SU RY DEPARTM ENT
■
Information Service
RELEASE 2 p.m. EST
Monday, December 1,
WASHINGTON,
439
1952,
S-3249
Detroit, Mich., Dec. 1 - Under Secretary of the Treasury
Edward H. Foley, speaking at ceremonies in the Veterans Memorial
Building for the installation of officials of the reorganized
Internal Revenue Service for Michigan, said today:
■
"On behalf of the Treasury Department, I want to welcome all of
you cordially to these proceedings, the purpose of which is to
institute for the State of Michigan a basic improvement in the
organization and methods of the Bureau of Internal Revenue.
"This State forms a region which for purposes of Internal
Revenue Service administration will be known hereafter as the
Detroit District.
"The action which we are taking to reorganize the Revenue
Service embodies one of the most progressive steps in good govern
ment in the history of this country.
As you know, the Reorganization
Plan now being placed in effect received a few months ago the
overwhelming approval of the Congress.
Your support of it, as
indicated by your presence here this morning, is gratifying to all
who have had a hand in making this action possible.
"The manner in which the Bureau of Internal Revenue functions
is of direct concern to every taxpayer.
Its activities affect the
welfare of the taxpayer’s government as well as the financial
affairs of the taxpayer himself.
Therefore, it is very much to the
taxpayer’s interest that we are now inaugurating a new and better
manner of administering the Revenue B u r e a u ’s responsibilities.
"The duties of the Bureau involve not only receiving and p r o
cessing the tax reports of tens of millions of Americans each year,
but also the handling of tax returns from partnerships and
corporations, excess p>rofits taxes, the excises on cigarettes and
liquor and jewelry and many other items, the taxes on the gains of
gamblers, and a long list of other levies,
"In addition to collecting and recording these taxes, the
Bureau checks the accuracy of returns, investigates a large number
of them in detail, collects billions in taxes not voluntarily
reported and makes refunds on overpayments running into billions.
2
440
"That is still not the last of the B u r e a u ’s duties.
It has
additional tasks such as issuing permits for distillers and the
manufacture of firearms, and the supervision of various angles of
the alcoholic beverage business.
"It is the largest bureau of the Treasury Department, and one
of the largest in the entire Government.
"What we are to do here today is bring up to date the structure
and the operating procedures of this very vital arm of the
Government.
"I want to express to the people of the State of Michigan, and
to their local officials, our appreciation of your hospitality and
of the cooperation which we have had in arranging for this ceremony.
"We have had similar cooperation in every locality where these
installations have taken place.
This signifies uo me that the
improved procedures, the forward-looking personnel policy, the
advanced design for operating efficiency, and the ’built-in’
assurances of trustworthy performance which the Reorganization Plan
provides have won full public confidence.
"It is my firm belief that this public confidence will prove
well placed."
Under Secretary Foley introduced Secretary Snyder as the
principal speaker.
He referred to the Secretary as "the man who
motivated reorganization of the Revenue Service from the very start,
and whose guidance, inspiration and firm resolve saw it through to
accomplishment."
0 O0
S-3249
of the Nation, will give the
American people a Revenue Service
of maximum efficiency and operating
economy, manned by employees of
unquestioned integrity.^
v iy,fe
such
that i n co r p o r a t e d in the
Inter
* We have
most
c o o p e r a t i o n in a r r a n g i n g
cerem o n y .
I w a n t to
warm
our
to all those
in m a k ina th i
o c c a s ion
ble.
It is m y f i r m b e l i e f that
a y ’s r e o r g a n i z a
üüffi
reí
previ o u s l y
e r
Y
i n d u s t r i a l i z e d area is i n e v i t a b l y
s e n s i t i v e to even m i n o r f l u c t u a t i o n s
in the N a t i o n ’s econ o m y .
As your e c o n o m y has b e en
e x p a n d i n g , so h a s its importance
been g r o w i n g to our c o u n t r y ’s
r e v e n u e s y stem.
if
In the 1952 f i s c a l year there
were al mo s t 3 m i l l i o n individual
income tax r e t u r n s f i l e d in Michigan.
This w a s over 6 t i m e s the n u m b e r filed
in 1940.
The t o tal nu mb e r of tax
-
#V Ci
26
civilian production.
■■
’
-
In fact, the
r e c o r d of these indu s t r i es d u r i n g
W o r l d War II, w i t h their sk iIlful
c o n v e r s i o n to the p r o d u c t i o n of
war m a t e r i e l , and t h eir s u b s e q u e n t
r e c o n v e r s i o n , a l m o s t o v e r n i g h t , to
full p e a c e t i m e p r o d u c t i o n is one
of
■I
ü
'
.
V
;F
the g r eat s a g a s of our i n du strial
■11
h i story.
The new h e i g h t s of
p r o s p e r i t y w h i c h have been
here in the past decade are
more n o t a b l e b e c a u s e such a
üm
a s s o c i a t e s r e p r e s e n t s , as I
earlier, one of
most highly industrialized sections
of the
over o n e - t h i r d of
e q u i p m e n t m a n u f a c t u r e d in the
tat©s .
The m a n u f a c t u r e
Ú8
is
c o n c e n t r a t e d in thi
area.
This m e a n s a va st
a
utili zed in
is
of
ilable to
anse or
g B i
-
Til
CO
**
n a m e d to the p o s i t i o n s of
¡strict C o m m i s s i o n e r of internal
R e venue, ii ir e c t o r of internal
R e venue, and other s u p e r v i s o r y
I am c o n f i d e n t that
our s e l e c t i o n s for the o f f i c e s
of D i s t r i c t C o m m i s s i o n e r and
irector of Internal R e venue, here
in Detroit, w i l l m e a s u r e up to
every expectation.
(I
The area wh ioh will
s e r v e d by these o f f i c e r s and their
t\ JP’,
a t t e m p t to evade F e d e r a l t a x e s brings
ick i n v e s t i g a t i o n and action.
The
task of f i g h t i n g tax f rautis never was
an easy one.
In r ecent
cr imi
A
e v a s i o n with g r e a t e r persi
e.
e v er
Iti
¡nation
that t h i s p e r s i s t e n c e will be met
A X
ai
1
H
e r v i c e with even g r e a t e r en fo r c e m e
¡licence.
0 istr ict
at
ava i1
ss Ioner
the full limit
r* I*
to the
"Under this reorganization,
there are clear and direct
lines of authority and accountability
from the Director of Internal
evenue
ict
3i stri ct
to the
a A
n
s îoner
ft
ss Ioner
oner in Washi n g t on .
n importia
0
1 s i r ict
ill be to intensify
ib i1 it y
SS 1
0
see that every fraudulent
21
new /provision in the reorganization
The District Commissioner will
have full responsibility
for all Federal revenue oper at ione
in Michigan.
Serving on the
District Commissioner's staff
will be three Assistant District
Gommissioners who will be
responsible for the District's
appellate activities, functions
relating to the alcohol and
tobacco tax activities, and
conven ienee
representatives wi
throughout the Sta
headqu«rters
a i. 8 0
in
in Wash inyton t
estabi ished
df
afft
is the s isipliticati
m
mR
i
t,ui m
a
e atftl ini bt al &dmi nistrat
f
1 1m i n a e
v Scf
íes for the taxpayer
GUîïlp
<# jM*
§ fid I1ripr 0 V c methods o 1 SU p er v »s io
(Í
Ili#r i ift how the Oetr a st y is t
Will :OS § affi1n istared.
if
Ifig
p U 0.!,Í1 1s
ö r sa t er*
i r k
iff-.
P ».rt 0 T the
«©actions of f edera!
tax « s.11 i-r a in the at ate u f
M
IQ 11Ì
a n
w i l
-Jfa
■W1
ä¡
Ê* Ê**
#? ,g%1«¡Fmìpa$
1 led on
changed.
More men and women became
available for civilian employment as
the strength of the Armed forces
declined.
More machinery became
available with the reduction in
the demands for military equipment.
It was then that the work of
modernizing the Bureau of
Internal Revenue was started.
r Even as we took the first
steps, our rapid postwar reconversion
with its attendant prosperity, added
« a n a g e m a nt firms, and taxpayer
organizations -- in short, the
composita of the most capable
\
Ml
*
¡1 |§|p
consultants available,
¡¡J^fThe goals of this action
are a maximum of operating
efficiency and economy, fast,
convenient, and accurate
service to all persons transacting
business ^ith the Bureau,
scrupulous protection of the
Sovernment revenues, and the
the Nation’s automotive industry,
it is also a cornerstone of our
country’s productive power and
. a ;1
a citadel of our defense
mobilization.
It is a city well
suited to be the center of the
modernized Revenue service which
is be ini installed today in this
vital otate*
''we are corn i ent that the
progressive action being t a icon
ISit
Ifei O T
i
It i
CnL
t pleasure
Wi
todav to take a
file
y o
part in the inauguration
rsonal
new era in Revenue
w
State
ervioe affairs for
of
ih i i cere
wf
e t ion of
rks
4* i
reoroanization
o
Bureau
Int
R e v e n u e
t the entire c
s reorganizai
3
d u r su a fit
2
R e l e a s e 2 p .m * EST
M onday, D e c . 1 , 1 9 5 2
D e t r o i t , M ic h .,
J o h n W. S n y d e r ,
B u ild in g
fo r
th e
R evenue S e r v i c e
S-
D ec. 1
sp e a k in g
at
-
fa?
S e c re ta ry
c e re m o n ie s
in s ta lla tio n
M X K 2X
~
of
in
th e
t h e V e t e r a n s M e m o r ia l
o f new o f f i c i a l s
M ic h ig a n ,
s a id
T re a su ry
of
to d a y :
th e
In te rn a l
TREASURY DEPARTM ENT
Information Service
WASHINGTON, D .C .
474
Release 2 p.m. EST
Monday, Dec» 1, 1952
S-325 Ö
Detroit, Mich., Dec. 1 - Secretary of the Treasury John W. Snyder,
speaking at ceremonies in the Veterans Memorial Building for the
installation of new officials of the Internal Revenue Service for Michigan,
said todays
. ”It is a great pleasure for me to be here today to take a personal
part in the inauguration of the new era in Revenue Service affairs for
the State of Michigan. This ceremony marks the completion of the reorgan
ization of the Bureau of Internal Revenue throughout the entire country*
This reorganization has been effected p\irsuant to the provisions of the
Presidents Reorganization Plan No* 1 of 1952« That plan, as you know,
received the emphatic approval of the Congress*
«It is fitting that this unique city of Detroit has been selected
as the home of the principal headquarters for this important district*
With approximately half of all of the Nation’s workers in motor vehicles
located in the Detroit area, this city is justly known as the hub of
the Nation’s automotive industry. It is also a cornerstone of our
country’s productive power and a citadel of our defense mobilization. It
is a city well suited to be the center of the modernized Revenue Service
which is being installed today in this vital State.
Ӵe are confident that the progressive action being taken here
today will bring to the taxpayers a Revenue Service fully adequate to
meet its greatly increased responsibilities and fully meriting the confi
dence of the public.
’’From the very beginning of the reorganization task I have had
enthusiastic cooperation — from the President, Under Secretary Foley,
Assistant Secretary Graham, the Treasury Staff, the Commissioner of
Internal Revenue and his associates in the Revenue Bureau.
’’The Reorganization Plan is the product of earnest study and
diligent effort not only by administrative experts of the Treasury
Department and the Revenue Service itself but also by individuals and
groups representing the Congress, other Government agencies, business
management firms, and taxpayer organizations — in short, the composite
of the most capable consultants available.
-
2
47
-
The goals of this action are a maximum of operating efficiency and
econoiry, fast, convenient, and accurate service to all persons transact
ing business with the Bureau, scrupulous protection of the Government
revenues, and the maintenance of unquestioned integrity among the
employees of the Revenue Service. I have every confidence that these
goals will be realized.
^'The preparation of the Reorganization Plan was a tremendous task,
and it was not accomplished overnight. The study given to the problem
covered several years of intensive work, and the final drafting of the
plan was not completed until after a long series of preparatory steps
had been taken*
"The elimination of weak spots from the Internal Revenue Service,
and improvements in its operational methods, began at my direction in
19^6, soon after I became Secretary of the Treasury.
nOur wartime experience in the Service had demonstrated the
necessity for such action. An organization which had worked fairly well
in its earlier years, when it collected comparatively modest amounts of
taxes from relatively few people, had been almost overwhelmed by the
unprecedented demands made on it in the World War II era. The Service
suddenly had to handle millions of returns from taxpayers who never
before had been required to pay Federal income taxes. It had to assume
responsibility almost overnight for the collection of new kinds of
taxes, and the application of sharply increased rates in those taxes
already in existence.
^’’Collection methods were drastically changed by the installation of
tne income tax withholding system. Still another complication was the
fact that the rapid rise in wartime incomes fostered tax evasions that
had to be discovered and rectified*
"The inadequacy of the Revenue Service’s equipment and methods
was plainly apparent, and the need for a thorough overhauling was
conspicuous. But temporarily, the problem had to be put aside. So long
as the war continued we had neither the time, the men, nor the machinery
to accomplish the necessary overhauling.
uBy 19^6, the situation had changed. More men and woinen became
available for civilian employment as the strength of the Armed Forces
declined. More machinery became available with the reduction in the
emands for military equipment. It was then that the work of modernizing
the Bureau of Internal Revenue was started.
. "Even as we took the first steps, our rapid postwar reconversion,
with its attendant prosperity, added to the dimensions of the problem,
ihe period from I 9I46 to 1952 saw a large increase in the number of income
x returns, both individual and corporate, and tax collections increased
proportionately. Today the Bureau of Internal Revenue receives about
S-3250
476
- 3 -
90 million tax returns of all kinds annually, and in the latest fiscal
year its collections reached the record sum of ,¡»65 billion.
nThat, in brief, is the historical background against which
reorganization of the Revenue Service is being effected.
nIn going about this task, we had to remember constantly that the
Bureau of Internal Revenue is not like a factory, or an assembly plant*
It could not be closed down for a week or a month while an old system
was abolished and a new system installed. The Bureau had to go right
on collecting the Nation's revenues and doing the rest of ibs huge daily
job, while making the changes called for in the plan.
"This is the seventeenth and final area in which the reorganization
plan has been put into effect. I have personally attended all biat three
of the reorganization ceremonies. In addition, we have extensively
reorganized the headquarters of the Bureau of Internal Revenue in Washington.
’^Under the skillful direction of the Commissioner of Internal Revenue
and his associates, the transition has been accomplished smoothly and
without inconvenience to taxpayers.
"Reorganization Plan No. 1 is not a complicated blueprint under
standable only by experts. It is simple.
"One of its provisions is to eliminate all non-career offices in
the Revenue Service, with the single exception of the Commissioner of
Internal Revenue. Every post in the service, with that one exception,
will now be filled by Civil Service appointees*
"Another important feature is the simplification and streamlining
of administrative authority, so as to eliminate complexities for the
taxpayer and improve methods of supervision.
"Here is how the Detroit District will be administered.
greater part of the public's transactions of Federal tax matters
in the State of Michigan will be carried on through the Office of Director
of Internal Revenue. The responsibilities of the Director who will be
stationed here in Detroit will include those of the former Collector whom
he replaces. In addition to collection activities, there are also being
established in the Director's Office divisions to handle the audit and
intelligence activities of this District. For the convenience of the
taxpayers, local representatives will be stationed throughout the State
m U1 presently located offices and posts of duty.
"For purposes of general area supervision and contact with the
Headquarters office in Washington, there is also being established in
Detroit the Office of District Commissioner. This office is a new
S-3250
- 4-
477
provision in^ the reorganization* The District Commissioner will have
full responsibility for all Federal revenue operations in Michigan*
Serving on the District Commissioner«8 staff will be three Assistant
District Commissioners who will be responsible for the Districts
appeilate activities, functions relating to the alcohol and tobacco tax
activities, and administrative management problems«
'Under this reorganization, there are clear and direct lines of
authority and accountability from the Director of Internal Revenue to the
District Commissioner and from the District Commissioner to the Commissioner
m Washington*
"An important responsibility of the District Commissioner will be
to intensify efforts to see that.every fraudulent attempt to evade
Federal taxes brings quick investigation and action* The task of fighting
tax frauds never was an easy one. In recent years the criminal element
has attempted^ tax evasion with greater persistence than ever before* It
is our determination that this persistence will be met by the special
agents of the Revenue Service with even greater enforcement diligence.
The District Commissioner will see that the full limit of available
manpower is applied to the tax evasion problem*
streamlining the Revenue Bureaurs operations, we have also
in,p p ve4 supervision of employee conduct, and helped eliminate
the temptations to which some employees have succumbed in the past. There
has been established an independent Inspection Service, under the direca? A ®sistant Commissioner (for Inspection), which will maintain
=?n®tant check on employee conduct and watch other Revenue Service
activities as well*
." r*"ie Treasury and the Revenue Bureau have taken positive steps to
truSnatvhir0m .
thei.S®rvice those employees who have failed in their public
contim,» ^ T
Congressional investigative groups has had, and will
continue to have our full cooperation*
oh
"?n pdaojng the Reorganization Plan in effect, we have made it our
the n o s ^ t that
*he most oaPable persons available would be named to
InternalLtn0nS 0f Disy ict Commissioner of Internal Revenue, Director of
selecHL«e7 enU!; anl 0ther suPe™i-s°ry posts. I am confident that our
Intern»? o f°r the °ffl0es of District Commissioner and Director of
internal Revenue, here in Detroit, will measure up to eveiy expectation.
represents31^ ™hich "i 11 be served by these officers and their associates
S e ctio n s
e
menF-oned earlier, one of the most highly industrialized
porteH o
i1® 00intry* Michigan produces over one-third of the transof nthsn eJu?pi,lent manufactured in the United States. The manufacture
this ares
S-P
°tS 3nd dur3ble S°0ds is also ldghly concentrated in
bo be utilising mT If S 3 V3St 3upply of skilled labor is readily available
utilized in defense or essential civilian production. In fact, the
S-3250
473
- 5 -
record of these industries during World War IX, with their skillful
conversion to the production of war materiel, and their subsequent
reconversion, almost overnight, to full peacetime production is one of
the great sagas of our industrial history* The new heights of prosperity
which have been recorded here in the past decade are all the more
notable because such a highly industrialized area is inevitably sensitive
to even minor fluctuations in the Nationfs economy*
uAs your economy has been expanding, so has its inportance been
growing to our country*s revenue system*
**In the 19?2 fiscal year there were almost 3 million individual
income tax returns filed in Michigan* This was over 6 times the number
filed in l^UO* The total number of tax returns filed in this State in
fiscal 195>2 was close to k million, as compared with about 800,000 in
19140, Total tax collections from this State in the past fiscal year
amounted to over $5 billion, or almost 8 percent of the country*s total
Internal Revenue tax collections.
**It is with much satisfaction that we bring to such a vital State
a modernized Federal Revenue Service such as that incorporated in the
Internal Revenue Reorganization Plan*
"We have had most generous cooperation in arranging today*s
ceremony. I want to express our warm appreciation to all those who have
taken a part in making this occasion possible,
11It is my firm belief that the result of today*s reorganization
proceedings here, and those previously held throughout the rest of the
Nation, will give the American people a Revenue Service of maximum
efficiency and operating economy, manned by employees of unquestioned
integrity* '*
0O 0
S-3250
IMMEDIATE RELEASE,
Friday, November ¿8, 1952.
The Secretary of the Treasury today announced the subscript ion and allot
ment figures with respect to the offering of additional amounts of the 2 per
cent Treasury Certificates of Indebtedness of Series
C-1953, dated August 15,
1952, open to the holders of Treasury Certificates of Indebtedness of Series
F-1952, maturing December 1 , 1952*
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows i
Federal Reserve
Di s t r i c t _____ _
Total Subscriptions
Received and Allotted
# 37,200,000*
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St« Louis .
Minneapolis
Kansas City
Balias
San Francisco
Treasury
126.710.000
lb , 096,000
73.503.000
2 0 ,63b,000
21.817.000
117.330.000
b b ,770,ooo
29.614.000
2b,79b,000
10.712.000
b 5 ,262,000
6 ,601,000
TOTAL
1373,123,000
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D .C .
480
IMMEDIATE RELEASE,
Frida:/, November 28, 19 5 2 .
S-3251
The Secretary of the Treasury today announced the
subscription and allotment figures with respect to the offering
of additional amounts of the 2 percent Treasury Certificates of
Indebtedness of Series C-1953* dated August 15* 1952, open to
the holders of Treasury Certificates of Indebtedness of Series
P-1952, maturing December 1, 1952.
Subscriptions and allotments were divided among the
several Federal Reserve Districts and the Treasury as follows:
Federal Reserve
District_______
Total Subscriptions
Received and Allotted
$ 37 , 200,000
426.710.000
14.096.000
73.503.000
20.684.000
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
.
21 817.000
117.330.000
44.770.000
29.644.000
24.794.000
.
10 712.000
45,262,000
6,601,000
TOTAL
0O0
$873,123,000
-
-
‘tH oti9 à.o ets of Revenue workers
inear.-e respe) r*
ft
i j II
commemor
marks tne
ion of the completion
** a 3 9
Q
operation
t h ^ H t iti ;i|............
president's
Reorganization
e
of the pr
52 .
Plan Ncj. 1
forward, we t
up the arduous
an or rnase z ,
o
From tod
s'iurano® that h
:h determination
*%A
th the
merican people will have an
Q
ient, competent Revenue Service
of which
y can he truly proud.
of Intar
opportunity to pay those tons of
have done our beat tto place in
gn responsioni
ft
pi
y «
ySjU
he most otuatol
is available
4 a m e e t .r ia i
Civil service stan
it system
ion now governs appo
ions
out
he reorganized
fice of
Commissioner of Int S3»
In d o s i
I want
A
too
m
H
ioner
ill ¡ant Civil Service car
started there almost 20 year
29 years.
o t á i s
It
to know that
intarsst
arsons s
percent of
icials in the reorganized
as
Kevenue service tnrouq
country have peen Kevenue career
average
stter
of service to the Bureau.
A career man IV 8 3
RIV
r
r e o r o an ization.
first came to
.
ent ire
His capability
in
on var Iou
reorganiz
tion assiqnment
•Of
in addition to
respons ib 11 it ie a, and local citizens
volunteered their
ass istance.
I have been happy today to
hear the many expressions of your
satisfaction in having career man
Seorge Neal as your District
s s ioner
0
m
er man Albert
0 irector.
« a»»
y v i
n
d
-
Civil Service
26
-
-
and
r eve m ies
huge
da i l y
25
f i l e e masc i ng
job,
c h a n 08 8 c a l l e d
for
in
a n .
a f 1 ia
r e c r u i t.m erit
personnel
posts,
to
the
f ill
he
top
of
Ir' Ci Ì2
space
ana
re p o rtin g
a co u a in tin o
c
OVQ8 S
o
s i b i l i
,
ana
and
far*
in d o ctrin a tio n
Ml
su p e rv iso r
co n so lid a tio n
re o rg a n iza tio n
new a c
procedures,
the
its
th « r e s t
d oing
p u b lic
a
w ith
in
more than 1,250 office
U gì V ö
of duty located throughout
*%&
&
I i
Moreover, as
Puerto Rico
ft A I M
afternoon, unlike a factory or
installed.
The Bureau had to go
right on collecting the Nation’s
2
-
£ P h
Another feature of the
reorganization is the establishment
of a strong,
independent inspection
ervice to assure thorough,
continuing checks on the conduct of
ureau employees and the performance
§!!§§
of the Bureau’s field offices.
hile the plan is in essence
a very simple one,
it is hard to
imagine the thought and energy which
went into planning the details of
MS
Infill
this reorganization and putting it
ervi ce a career
- e r v
~v ic H
ic e .
mm
know that no
run
such a
rtheless* our
stud ies
it i
rent to me and to outside
studying the Bureau’s
we could render even be
service
ic if we had
I efficient organ i
ailigw
two groups
s to say, no
17
1 fi
X v
to solve the war-born problems of
tax collection.
The results of the management
improvement efforts were many and
varied.
To mention just a few --
voluntary compliance by taxpayers
was increased by the simplification
of tax forms and instruct ions ;
routine functions were decentralized
tax collection procedures were
streamlined; and tabulating and
other modern office equipment were
installed.
close of
ava
start a
responsibilities and increased
workload that the Bureau had to
assume.
best it could, for in the midstream
o ia cin a
in to
o
a
tnee
I know that I net
th i
au
o n c e
o f
product i v it y
ou
W will
Cil
-
10
-
Comm ittee on 1n t e r n a l R e v e n u e
T a x a t ion, the Senate F inance
Oh
Q
fiC)ijj^
W a y s and
c a p s t o n e of a long s e r i e s of
of p l a n s for an
a d m i n i s t r a t i o n service in .which
I
8
best p o s s i b l e a d v a n t a g e to the
t a x p a y e r and the G o v e r n m e n t .
It
cont inu ing
11
reor g a n i
of such
are
found necessary.
It is t h e c u l m i n a t i o n
a
ig n m e n t of
in
after a n o t h e r of the
d i s t r i c t s a c r o s s the
reorganization i
w ith
ierv Ice a f f a i r s in their localities.
aer 5
same
fence.
The
er s ,
n e w s r e e l s , r a d i o and t e l e v i s i o n
servi ces
their r e p o r t s of our
it i
the
ic r e g a r d s the r e o r g a n i z a t i o n
un de r t a k i
a 10
our g o v e r n m e n t a l
&
gres • ive
ent in
sp.^
of new o f f i c e r s in as m a n y new
Internal R e v e n u e d i s t r i c t s over
is
the c o u n t r y u n d e r the
plan,
39
ith the one i
Ch ica
cago on May 20 a
the one
in
c4V B ilk
a
QT
A
ating in all
In e v e r y
inst a n c e
a t i o n in
d the f inest
- 3 you should place your stamp of
a
on
W
in the Internal Revenue Bureau to
better
Your
ve the Amer ican
Is
rt opinion, ;
e our
¡¡¡I
of it vou
~e c Ia
I am
to say that
ave had
throughout the Nation.
seventeen ceremonies in all
held for
installati
d e f e c t i v e m e c h a n i s m s , e x c e l in
e v e r y m a n n e r of undertaking- for
human advancement.
That has been
true t h r o u g h the y e a r s as D e tr o i t
e m e r g e d f r o m the l i m i t a t i o n s of
f r o n t i e r life and b e gan d e v e l o p i n g
the imposing c o m m u n i t y of today.
It is e x c e p t io n a l l y gratifying,
t h e r e f o r e , to me and to my
a s s o c i a t e s in the T r e a s u r y Department
that in g a t h e r i n g here tonight,
I am happy to join with you
at this dinner, given in recognition
of a marked achievement in the
public service.
That achievement
is the completion here today in the
great city of Detroit of Phase 1
of the reorganization of the Bureau
Your lea
9
never content with
ADDRESS BY SECRETARY SNYDER
AT
TESTIMONIAL DINNER FOR
INTERNAL REVENUE DISTRICT COMMISSIONER
FOR THE STATE OF MICHIGAN
\1
'
"THE COMPLETION OF REVENUE SERVICE
REORGANIZATION, PHASE 1.«
VETERANS* MEMORIAL BUILrING
DETROIT, MICHIGAN
DECEMBER X, 1952
8i30 p.m*
T he
a d in n e r
of th e
fo llo w in g
g iv e n
c o m p le tio n
S e r v i c e ,i s
Uvv
th e
by
a d d re ss
th e
by S e c r e ta r y
D e tro it
B o a rd
of
C om m erce i n
of re o rg a n iz a tio n
of
th e
sch e d u le d f o r
d e liv e ry
V e t e r a n / M e m o r ia l B u i l d i n g ,
a t th a t
_||||T___ .(jsasas «—
—
Snyder b e fo re
at
8 :3 0
D e tro it,
re c o g n itio n
I n t e r n a l R evenue
p .m .^ i ® ^
an d i s
fo r
*'
re le a s e
tim e »
— — «■■ -— rniin^
THE COMPLETION OF REVENUE SER V IC E RECRGANIZAUQN, PHASE
'V
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder before
a dinner given by the Detroit Board of Commerce in
recognition of the completion of reorganization of
the Internal Revenue Service, is scheduled for
delivery at 8:30 p*m* EST, Monday, December T, 1952,
in the Veterans 1 Memorial Building, Detroit, and is
Tor release at that time©
THE COMPLETION OF REVENUE SERVICE REORGANIZATION, PHASE 1
I
am happy ta join with you at this dinner, given in recognition
of a marked achievement in the public service* That achievement is the
completion here today in the great city of Detroit of Phase 1 of the
reorganization of the Bureau of Internal Revenue*
Detroit is well accustomed to achievements of major magnitude* Your
leaders, never content with inadequate organizations and defective
mechanisms, excel in every manner of undertaking for human advancement*
That has been true through the years as Detroit emerged from the limi
tations of frontier life and began developing the imposing community of
today.
It is exceptionally gratifying, therefore, to me and to my
associates in the Treasury Department that in gathering here tonight,
you should place your stamp of approval on what has been done in the
Internal Revenue Bureau to better serve the American public* Yours is
expert opinion, and for this expression of it you have our warmest
appreciation*
I
am pleased to say that we have had similar expressions throughout
the Nation*
Seventeen ceremonies in all have been held for the installation of
new officers in as many new Internal Revenue districts over the country
under the reorganization plan, beginning with the one in Chicago on May 20
and ending with the one held this afternoon in this same beautiful memorial
structure* I have had the privilege of personally participating in all
but three of them* In every instance we have had the finest cooperation
in holding these ceremonies* Civic leaders, school and college authorities,
local and State officials, judges, members of Congress and others have
shown an active, enthusiastic interest in every installation program*
Numberless people have come to me at the conclusion of the ceremonies to
say they were impressed with the obviously high character of the men
chosen to direct Revenue Service affairs in their localities* Under
Secretary Foley has had the same experience* The newspapers, newsreels,
radio and television services have been generous with their reports of
our progress*
-
2
-
It is reassuring that the public regards the reorganization under
taking as a sound* progressive and praiseworthy improvement in our
governmental system.
As Phase 1 of reorganization — the effecting of organizational
changes and the assignment of personnel — was completed in one after
another of the 17 new districts across the country, Phase 2 was started
immediately.
Phase 2 of the reorganization plan is the "follow through*' phase.
It is the phase of detailed measures at all levels to make certain that
reorganization is working with the best possible advantage to the taxpayer
and the Government. It includes continuing study of all reorganized
operations and the making of such adjustments as are found necessary.
While the reorganization plan bears the date of 195>2, the new era
in the Federal Revenue Service which it inaugurates is by no means the
product of one year's efforts. It is the culmination of plans for an
improved tax administration service in which I have been actively interested
almost from the first day I became Secretary of the Treasury. It is the
result of intensive study of the operations of the Bureau by Treasury
and Bureau officials, private management engineering experts, the House
Appropriations Committee staff, the Advisory Group of the Joint Committee
on Internal Revenue Taxation# the Senate Finance Committee, the House Ways
and Means Committee, the Hoover Commission# and many otherst> The plan ap
proved by Congress is the capstone of a long series of studies.# Suggestions,
and actual operating improvements which the Treasury and the Bureau manage
ment staffs have been considering and placing into effect since 19U6*
I know that I need not remind this audience of businessmen, bankers,
industrialists, lawyers, accountants, tax authorities and Government
officials of the tremendous impact that the events of the past decade have
had on every segment of our economy* We have not only had to greatly
expand the productivity of our farms and factories to meet the needs of
war and defense production, but we have had to raise unprecedented sums
of money to finance the continuing fight for freedom.
This latter responsibility placed a tremendous strain on the business
operations of the Bureau of Internal Revenue which, prior to our current
reorganization, had been trying to function under a century-old organi
zational framework — an organizational structure never designed to meet
the heavy responsibilities and increased workload that the Bureau had to
assume.
Between 19U0 and 19U6, revenue collections increased sevenfold and
tax returns to be processed quadrupled* The Bureau had to meet this
increased workload the best it could, for in the midstream of war there
was neither the time, the men, nor the machinery to accomplish the
necessary overhauling.
S-3252
518
519
- 3 -
At the close of the War there was still a gigantic job ahead.
Individual tax returns were being received twice as fast as they could
be handled, and there was a steadily mounting backlog of returns to be
checked and processed. But with manpower and machinery once more becoming
available, it was possible to start a thorough overhaul of the Bureau1s
operations.
Shortly after taking office, I called to Washington in October 19U6
all key Revenue officials to plan and initiate an intensive program to
overhaul, streamline, and modernize the tax collection system. Management
skill and experience from every source were tapped — from the lower
ranking Bureau employees to the most skilled management experts in the
country — to solve the war-born problems of tax collection.
The results of the management improvement efforts were many and
varied. To mention just a few — voluntary compliance by taxpayers was
increased by the simplification of tax forms and instructions} routine
functions were decentralized} tax collection procedures were streamlined}
and tabulating and other modern office equipment were installed.
As a result of our various management improvements, I have been
able to report to the Congress the saving of millions of dollars1 worth
of man-hours, permitting the release of many of our people from routine
work to front line enforcement of our revenue laws* Today it costs
less than half a cent to collect each tax dollar. This is a figure that
businessmen can readily appreciate, for they know that no haphazardly
run organization could do such a job*
Nevertheless, our postwar studies made it increasingly apparent to
me and to outside groups studying the Bureau’s problems, that we could
render even better service to the public if we had a more efficient
organizational framework. Needless to say, no two groups came up with
the same answers to the problem, and a great deal of study went into
consideration of the best features of these differing proposals before
the new plan of organization finally was evolved.
The plan finally adopted was the composite result of the best
thinking obtainable. With a business organization the size of the
Bureau of Internal Revenue, employing more than 57,000 persons, there
will, of course, always have to be continued improvement in its operations.
The new reorganization does, however, provide an excellent framework
around which future adjustments can be fitted, and it is to my mind one
of the most progressive steps in Government administration which has been
taken in many years*
Here, in brief, is what the new reorganization does.
It makes the Federal Revenue Service a career service, by eliminating
all political appointees with the single exception of the Commissioner.
S-3252
- u-
520
It provides a strong and responsive field organization which will
eliminate coirplexities for the taxpayer and improve methods of^supervision.
Today, for the most part, a taxpayer need not travel outside his home
state to take care of any tax matter before the Revenue Service.
Another feature of the reorganization is the establishment of a
strong, independent Inspection Service to assure thorough, continuing
checks on the conduct of Bureau employees and the performance of the
Bureaufs field offices.
While the plan is in essence a very simple one, it is hard to imagine
the thought and energy which went into planning the details of this
reorganization and putting it into effect once it had the approval of
Congress* The President submitted the plan to Congress on January lUth
of this year* The plan became effective last March l£th, and between
then and today, December 1st, the entire reorganization had to be completed.
You can get some
think that the Bureau
ization in the world,
located throughout Li.8
idea of the magnitude of the job when you stop to
of Internal Revenue is the largest business organ-*
with more than 1,2^0 offices and posts of duty
States, Alaska, Hawaii and Puerto Rico#
Moreover, as I said this afternoon, unlike a factory or assembly
plant, the Bureau could not be closed down for a week or a month while
the old system was abolished and the new system installed. The Bureau
had to go right on collecting the Nations revenues and doing the rest
of its huge daily job, while making the changes called for in the plan#
The recruitment of top flight personnel to fill top supervisory
posts, the consolidation and reorganization of far«»flung offices, the
indoctrination of employees in their new responsibilities, housing and
space problems, new accounting and reporting procedures, and acquainting
the public with the new Revenue Service were but some of the many
problems we had to meet in less than nine months* time, while carrying
on the regular operations of the Bureau.
I
can assure you that this tremendous task could never have been
acconplished without the wholehearted cooperation of all our Internal
Revenue employees, the Civil Service Commission, Treasury and Revenue
staff members who took on various reorganization assignments in addition
to their already heavy responsibilities, and local citizens and groups
who volunteered their assistance.
I have been happy today to hear the many expressions of your
satisfaction in having career man George Neal as your District Commissioner
for Michigan and career man Albert Menninger as your State Director#
These men are typical of the kind of officials that we have selected
for all 17 districts — career men with long experience in tax work and
S-3252
- 5 -
exceptional administrative ability#
521
Next January, Mr; Neal will have
completed 1*0 years of service in the Internal Revenue Bureau, more than
2£ years of which he has spent as Internal Revenue Agent in Charge at
Detroit* Mr* MenningerS service in the Bureau totals more than 29 years*
It may interest you to know that about 70 percent of the persons selected
as key officials in the reorganized Revenue Service throughout the
country have been Revenue career men* Together they average better than
20 years of service to the Bureau.
A career man — John B* Dunlap — was my right arm in this entire
reorganization. His capabilities first came to n§r attention back in 19U7
when he was called from the field to help us improve the business
operations of the Bureau* I later called him to Washington to direct
a chain of “racket squads" assigned to run down tax evaders in the field
of professional crime — and he did an outstanding job* Because of his
high capabilities and grass roots experience in the Revenue field, I
prevailed upon him to take the post of Commissioner, and I cannot praise
too highly the job that he has done. A few days ago it was my privilege
to appoint him as the District Commissioner at Dallas, so that he might
continue in his home city the brilliant Civil Service career which he
started there almost 20 years ago*
The character and effectiveness of Federal tax administration are
dependent directly upon the caliber of men and women chosen for key
administrative positions. We have done our best to place in these posts
of high responsibility the most capable persons available*
All of them had to meet rigid Civil Service standards. All of them
are under the merit system, which now governs appointments and promotions
throughout the reorganized Revenue Service below the office of Commissioner
of Internal Revenue.
In closing, I want to pay tribute to the loyal, tireless, competent
Revenue Service officials and employees who kept the Bureau of Internal
Revenue going through tough, gruelling years despite all the obstacles
and roadblocks that were encountered. But for those loyal people, reorgan
ization never could have been accomplished. For their constant, unwavering
fidelity to duty in very trying times, I am glad to take this opportunity
to pay those tens of thousands of Revenue workers my sincere respects*
And so today marks the commemoration of the completion of the initial
phase of the operation of the Presidents Reorganization Plan No. 1 of
1952. From today forward, we take up the arduous program of Phase 2,
with determination and assurance that henceforth the American people will
have an efficient, competent Revenue Service of which they can be truly
proud.
oOo
S-3292
/
J
rslease wmim wms?&ms$
Toeadayj fmmäber 2» lfgjt*
ftm
s®creta*y of the T&eamgr
$1,300,000,000,
m
mmoxumä last
thereabouts, af 9^*day
and to faature üarch 5, 19$3f whieh war®
Federal Reserve Banks
m D&mmber
a w n l n g that the tendere for
Wmmm billa
te be dated Deeesber 1*, 1#2,
affered cm lavember 2?, wart opeaad at the
1*
The detail« of thie ieeus «re aa follcwet
Total applied for • $1,83$,660,000
Total acoepted
* 1,300,€@0,000
Average prie#
*
(incladea $161,932,000 estered o» a
non-competiUv© baaie and aeoepted la
faH et the avera®» prie« p n balev)
99*hB2/ Bivalent rate of diecooat appresa. 2*Ök9%per annua
Ran$e of aeoepted ccaapetitive bidet
99.550 Iquivalest rate of diecount apprm. 1.T805 per annua
*
«
*
*
«
2.1015 »
*
Hi#
99M 9
Um
(62 p erceat of the aaou st bid far a t the leer p riee im aecepted)
Federal Reserve
T o tal
T o tal
§
i
Bietriet
Beatosi
W arn
20,100,000
1,21*7,677,000
1*8,326,000
39.051.000
16.893.000
X ark
Philadelphia
Cleveland
Bidbrnad
25,21*1*,000
Atlanta
{&leago
St« Leale
.
230,832t,000
23,1*35,000
10 371.000
1*6,723,000
1*0 ,067,000
n js a b m
U u u City
|\ftIlo»
Sw» Fran ciw o
TOTAL
11,835,680,000
U , 100,000
726,617,000
t ó ,326,000
39.051.000
16.803.000
25.114.000
22i*,$3li»000
21.255.000
10.371.000
1*6,723,000
fcO,.067,000
Ä
®
| 1 ,300 ,<«0,000
TREASURY D EPARTM EN T
Information Service
WASHINGTON, D .C.
v)i- vJ
RELEASE MORNING NEWSPAPERS,
Tuesday, December 2, 1952,
S-3253
The Secretary of the Treasury announced last evening that
the tenders for $1,300,000,000, or thereabouts, of 91-day Treasury
bills to be dated December 4, 1952, and to mature March 5* 1953.»
which were offered on November 27, were opened at the Federal Reserve
Banks on December 1.
The details of this issue are as follows:
Total applied for
Total accepted
Average price
$1,835)680,000
1,300,050,000 (includes $181,992,000
entered on a non-competitive
basis and accepted in full at
the average price show below)
99.482/ Equivalent* rate of discount approx.
2,049$ per annum
Range of accepted competitive bids:
- 99.550 Equivalent rate
1,780$
- 99.469 Equivalent rate
2.101$
High
Low
of discount approx.
per annum
of discount approx.
per annum
(82 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
$
Boston
New York
Philadelphia
11 , 100,000
1 ,247 ,677,000
48.326.000
39 .051.000
Cleveland
Richmond
16,893,000
25.244.000
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
230,834,000
23.435.000
10 .371.000
TOTAL
Total
_____Accepted
$
11 , 100,000
726 .617.000
43 .326.000
39 .051.000
16 .803.000
25.144.000
224.534.000
21 .255.000
10,371,000
46.723.000
40.067.000
95.959.000
46.723.000
40.067.000
95.059.000
$1,835,680,000
$1 ,300,050,000
0O0
and its some 300 c o m p a n i o n
a s s o c i a t i o n s t h r o u g h o u t the
c o u n t r y are m a k i n g a vital
c o n t r i b u t i o n to our
by your c o o p e r a t i v e and
c o n t i n u i n g e f f o r t s to improve
the e f fi c i e n c y ,
i n crease the
output, and l o w e r the c o s t s
of 6 o vernine fit service.
\
headlined.
Yet t h e y r e p r e s e n t
a c t i o n s of i
ance to
e v e r y citi z e n .
innina of
at the
sound
talk,
si
is the i n t e r w o v e n t h r e a d
d e t e r m i n e s to a g r e a t e xtent
success with which
&
Your f e d e r a l
carry
b u s i n e s s m a n a g e m e n t field
d u r i ng
» p o s t w a r years,
I
aite rn o o n .
/
t i m e nor your
b 8 /i p
enee permi
that.
I.have
mi
y
r, to o u t l i n e
‘I k
wi th
s o m e uf
have dealt.
1 kn ow
you h a v e had to face
SO •
The r e s u l t s of our vari ou
h a v e t r a v e l e d to v a r i o u s p a r t s
of; the c o u n t r y in r e c e n t w e e k s
to c o m p l e t e our new r e v e n u e
i n st a l l a t i o n s , to have
m a n y c i t i z e n s c o m e up to me
and tell me how d e l i g h t e d
t h e y are at the high c a l i b e r
to
of the o f f i c i a l s
the r e v e n u e a
of their
O
tr ict
If I w e r e
U
give you a
o
all the
T r e a s u r y ’s a c t i v i t i e s in the
of the o f f i c e of
ioner
of Internal R e v e n u e , i a now
civil s e rv i c e
u e c o n d , it p r o v i d e s a
o r g a n i z a t i o n w h i c h w i ll
reorgan i za tio n
to
remove
p ro vid e
8
structural
for
■siL
se rv ic e ,
the
enjo y
we aie .ne s
sp e e d ie r,
f f i ÜÌ
at
1}
and
ne I p
Revenue
8 0 S
mora
aoour at
ma k e
c e rta in
se rv ic e
w ill
the
conf
r i
advantages
of
S a n i t a t i o n a r 8 t h s s ©:
rrn
*
*
h ire t,
ervîQ8f
every
fi th
the
yoat
one
i
e xce p tio n
l hr
i
p e r m i t t e d us to r e l e a s e
ill«.
y of our p e o p l e from
r o u t i n e c o l l e c t i o n work
1
of our
ront1 i
revenue l a w s .
Today, it costs
lan one-half a o
1 o O
o &o
to c o l l e c t a tax si
M o re o v e r ,
in additi
u management improvements
n
w
H
§ have
p u r s u a n t to the
y $¿4
No. 1 o1
o 2«
a
m a
on
pi a
* X a
t a x p a y e r s has been in cr e a s e d
by the s iinpi i f icat ion of tax
f o r m s «no instructions;
r o u t i n e f u n c t i o n s have been
c e n t r a l i z e d ; tax c o l l e c t i o n
on a
a g e n c i e s of G o v e r n m e n t and
have e x p e d i t e d m a k i n g funds
a v a i l a b l e for d i s b u r s e m e n t .
at ill a n o t h e r example,
and one w h ich has real
m e a n i n g for every taxpayer,
is the m a n y i m p r o v e m e n t s which
h a v e b e e n m a d e in the b u s i n e s s
o p e r a t i o n s of the Bureau
of Internal R e v e n u e .
A g ai n
to m e n t i o n just a few,
v o l u n t a r y c o m p l i a n c e by
Director of the ¿ u d ^ e t , and
myself, and which is now
fa© ifig carried on at the
direction of the Congress
under the Budget and
Account irig P ro c e d u re s Act
I3oU.
fhe new procedures
which we have been able to
institute under this net have
eliminated a substantial
amount of paper
or* in the
21
A f t e r a s e r i e s of s u c c e s s f u l
p i lot test studies, these
procedures, commonly referred
to as ’’dual s c r e e n i n g , ’’ we re
permanently installed whereve
f e a s i b l e at b o r d e r ports.
A n o t h e r e x a m p l e is
the progress 5 we have made under
the joint pi~ogram to improve
a c c o u n t i n g in the F e d e r a l
G o v e r n m e n t w h i c h was s tarte
about five year s ago by the
C o m p t r o l l e r General, the
of the Bureau of Customs and
the Bureau of Immigration,
as a result of recommendat ions
made by a private management
engineering study.
The
principal objective of this
particular recommendation was
to have one officer of either
service perform the duties
for both services in the
preliminary screening of
passengers and vehicles at
border ports and stations.
savings have been utilized
in meeting increased workloads,
reducing appropriation requests
strengthening the enforcement
work of some of the bureaus,
and covering the cost of
installing mechanized and other
illustration of the
in departmental
operations is the coordination
of the ins
act iv it i
mm O
fiGG
P?
mmS-
-
18
-
the Treasury management
improvement programs since
June 1946, there have been
monetary savings of many
millions of
suo
ars.
alone have
resulted in estimated
savings of over $2 million.
Other savings, the value of which
cannot readily be measured
in terms of
9
1! a
ve
These
programs have been based on
management
efficiency studies
ithin the Department,
urveys by private
mana
engineer ina fi
'à
a
rt ici pati on of all
through a
má
s for efficiency,
of cash
or acc
ishrieni, and
suggest ions
the direct result of
#i one
however,
m
nnr
tant difference,
and equipment
tí
once more were
ng avalla
and it was possible to start a
thorough overhauling of
r
*4*
£1
business operations
tenure of office,
we have carri
on aggressive
management improvement
irograms
to strengthen and modernize the
operations of every bureau and
ice in the Treasury.
the
close
s t ill
.
in
Backlo
upon
w
the
war,
ip an tic
Ml
n $
alm ost
ice,
any,
a
of
an
<**
dim inution
U
in
esaury
Gover
r e c o n v e r s I on
out
l i t 4*
f
service
as
business
CU f!
Si£c
we have taken in the Treasury to
improve and modernize its
business operations.
war
it
S QO I
not been possible to
nize operations on the
mediani cal
sonnel recrui
o
o •
1 ikewi se
severely restricted.
The
tremendous increase in
ons cons
handled by the restricted
to
the splendid example you have
set.
No matter in which direction
you may be looking in Pittsburgh
these days, you will find many
evidences of its spectacular
new beauty and the new era of
importance it has assumed in the
productive power of our Nation.
Somewhat more prosaic, but
nonetheless important,
is the
record of progressive measures
.Jgt
I
ÖJL4ÔW
you for a few m i n u t e s about
programs,
I r e a l i z e I air
10
m
e x a m p l e s of m a n y w a y s in
our e x p a n d i n g e c o n o m y has
m u l t i p l i e d the w o r k l o a d s of
the G o v e r n m e n t
f i r m s w i th
pr ivate
You
ich you are
also k n o w from
o
per ience that m u l t i p l i e d
ing in
ir
a m u l t i p l i c i t y of new p r o b l e m s
in
like to talk w i t h
issues a r o u n d 200 m i l l i o n c h e c k s
e v ery year,
items, the f
currency
are of
magnitude —
nickels, and
2 billion pieces
f r o m your e x pe r i e n c e , spectacular
A■«OZi
e f i n a n e ial arm of
G o v e r n m e n t , the Treasury, for
e x a m p l e , n o w p r o c e s s e s ar
ri! ills on tax r e t u r n s
k
a n n u a l l y a n d in the last fiscal
year c o l l e c t e d tax revenues in
r scoro si
of m o r e t h a n
a o i 1 1 i on.
m i1 1 ions
bonds.
,
it
is
a ce sa
It issues and r e d e e m s
tens of b i l l i o n s of d o l l a r
ketauie securities.
It
inds
was far le se than it is toda
I ara s u r t that it
ene
r e c o n v e r s i o n , and now d e f e n s e needs
has h a d t r e m e n d o u s r e p e r c u s s i o n s
|
on ail p h a s e s of b u s i n e s s
o p e r a t i o n in this country.
The
v e r y m a g n i t u d e of m a n y of the
e s s e n t i a l b u s i n e s s a c t i v i t i e s we
are c a l l e d u p o n to p e r f o r m
t o d a y has o u t m o d e d m a n a g e m e n t
t e c h n i q u e s and b u s i n e s s
p r o c e d u r e s once c o n s i d e r e d
a d e q u a t e to h a n d l e these
a c t i v i t i e s w h e n the v o l u m e
a f f a i r s has
b e e n an
important responsibility
of thos e of us in
s e rvice, at no time in our
h i s t o r y has this r e s p o n s i b i l i t y
b e e n g r e a t e r or the m a n a g e m e n t
have
b e e n c o n f r o n t e d b e e n more
The u n p r e c e d e n t e d e x p a n s i o n
of our e c o n o m y in the
d e c a d e to meet f i rst i?
then
4
a
had u n u s u a l r
in t h i s regard.
Government
b u s i n e s s is the peof
b u si ness.
The t a x e s they
pay f i n a n c e its n e c e s s a r y and
v a r i e d f unctions.
The m a n y
s e r v i c e s w h i c h the G o v e r n m e n t
r e n d e r s in r e t u r n a f f e c t
d i r e c t l y or i n d i r e c t l y the
d a i l y l i v e s of e v e r y American.
W h i l e the e f f i c i e n t
a d m i n i s t r a t i o n of
you K/iow, is an i mportant
f a c t o r in all G o v e r n m e n t
operations.
It is the i n t e r w o v e n
t h r e a d w h i c h d e t e r m i n e s to a
l a r g e e x t e n t the s t r e n g t h of
the e n t i r e G o v e r n m e n t fabric.
For in G o ve r n m e n t , as in
p r i v a t e en te r p r i se , you can
c a r r y out your m a j o r a s s i g n m e n t s
s u c c e s s f u l l y o n l y if you have
an e f f i c i e n t b u s i n e s s or ga n i z a ti o n .
G o v e r n m e n t o f f i c i a l s have
justly proud
Your
p r i m a r y
objectives —
grtit§r economy and efficiency
in 6ov©rnment administration,
and better service to the
Afsw.f Ican people **** are objectives
which have been close to my
heart throughout my term of
office as Secretary of the
Ireasury.
y f
business administration, as
It is a resi p l e a s u r e "to meet
s of the F e deral
iih the
■v?
oc iat ion of Pittsburgh.
This w o u l d ,
a
te c o l l a r M
?»
er®O
that
c o l l a r s are
m o r e in e v i d e n c e in P i t t s 5,
now that the " s m o g ’*
o
b a n i s h e d f r o m your c i t y
w h a t e v e r the color
the collars,
you r e p r e s e n t an o r g a n i z a t i o n
of w h ic h
G o v e r n m e n t can
ADDRESS BÏ SECRETAR! SNIDER
AT LUNCHEON MEETING OF
THE FEDERAL BUSINESS ASSOCIATION
OF PITTSBURGH
"MANAGEMENT IN GOVERNMENT**
SHERATON HOTEL
PITTSBURGH, PENNSYLVANIA
DECEMBER 2, V9$l
12100 NOON
T he f o l l o w i n g a d d r e s s
th e
F e d e r a l B u sin e ss
a lu n c h e o n m e e t i n g i n
is
s ch e d u le d _ for
D ecem b er 2 ,
^pMfcn—n iiiia itw m nie iii n . . <
1952,
A s s o c ia tio n
of
P itts b u rg h
th e S h e ra to n h o t e l ,
d e liv e ry
and
by S e c r e ta r y S n yd er b e fo re
is
at
1
p .m .
fo r r e le a s e
MANAGEMENT IN GOVERNMENT
\
P itts b u rg h ,
EST T u e s d a y ,
I If Til l 1'****™’'''***
at
558
TREASURÏ DEPARTMENT
Washington
The following address by Secretary Snyder before
the Federal Business Association of Pittsburgh
at a luncheon meeting in the Sheraton Hotel,
Pittsburgh, is scheduled forjielivery at 1 p.m.
EST, Tuesday, December 2, 195^» and is foi?
release at that time.
MANAGEMENT IN GOVERNMENT
It is a real pleasure to meet with the members of the Federal
Business Association of Pittsburgh. This would, I presume, be termed a
"white collar” group, and I understand that white collars are more in
evidence in Pittsburgh now that the "smog” has been banished from your
city. But whatever the color of the collars, you represent an organiza*
tion of which the Government can be justly proud.
Your primary objectives — greater economy and efficiency in Govern*
ment administration, and better service to the American people
are
objectives which have been close to my heart throughout my term of office
as Secretary of the Treasury.
Business administration, as you know, is an important factor in all
Government operations. It is the interwoven thread which determines to
a large extent the strength of the entire Government fabric. For in
Government, as in private enterprise, you can carry out your major
assignments successfully only if you have an efficient business organization.
Government officials have always had unusual responsibilities in this
regard. Government business is the people’s business. The taxes they pay
finance its necessary and varied functions* The many services which the
Government renders in return affect directly or indirectly the daily
lives of every American.
While the efficient administration of governmental affairs has always
been an important responsibility of those of us in Federal service, at no
time in our history has this responsibility been greater or the management
problems with which we have been confronted been more complex.
The unprecedented expansion of our economy in the past decade to
meet first war, then reconversion, and new defense needs has had tremendous
repercussions on all phases of business operation in this country. The
very magnitude of many of the essential business activities we are called
S-32$it
-
2
559
-
upon to perform today has outmoded management techniques and business
procedures once considered adequate to handle these activities when the
volume was far less than it is today,
I am sure that it would have staggered the imagination of many
of my predecessors in office, as it would many of yours, if they had
tried to conceive of the volume of business transactions that would one
day flow through Government offices.
As the financial arm of the Government, the Treasury, for example,
now processes around 90 million tax returns of all kinds annually and
in the last fiscal year collected tax revenues in the record sum of
more than $69 billion.* Each year, it issues millions of separate savings
bonds. It issues and redeems tens of billions of dollars of marketable
securities. It issues around 200 million checks every year. As for
currency items, the figures are of stupendous magnitude •• 1—1/2 billion
pennies, nickels, and dimes, and nearly 2 billion pieces of paper
currency are issued annually to replace money which has become worn out
or mutilated,
I have no doubt that each of you here today could cite from your
experience, spectacular examples of many ways in which our expanding
economy has multiplied the workloads of the Government agencies or
private business firms with which you are associated. You also know
from personal experience that multiplied workloads bring in their wake
a multiplicity of new problems in business management.
I should like to talk with you for a few minutes about some of the
steps we have taken in the Treasury, not only to keep up with our
increased responsibilities, but to cut the costs of our business operations,
while at the same time rendering better service to the public.
When I speak in Pittsburgh about management improvement programs,
I realize X am talking to some experts in the field. The progressive
measures which your business and civic groups have taken in recent years
to modernize, beautify, and revitalize Pittsburgh have;not only brought
your city new renown, but the success of your cooperative efforts has
inspired many other industrial communities throughout America to follow
the splendid example you have set.
No matter in which direction you may be looking in Pittsburgh these
days, you will find many evidences of its spectacular new beauty and the
new era of importance it has assumed in the productive power of our Nation.
Somewhat more prosaic, but nonetheless important, is the record of
progressive measures we have taken in', the Treasury to improve and modernize
its business operations.
- 3 -
While the war was going on, it had not been possible to modernize
operations on the basis of new mechanical procedures. Personnel
recruitment likewise was severely restricted. The tremendous increase
in Treasury operations consequently had to be handled by the restricted
facilities of a Department geared to a prewar volume of operations.
At the close of the war, there was still a gigantic job ahead.
Backlogs of work had piled up in almost every bureau and office, and
there was little, if any, diminution in service demands upon the Treasury
as business and Government set out to meet reconversion problems. There
was one important difference, however. Manpower and equipment once more
were becoming available and it was possible to start a thorough over
hauling of the Department's business operations.
During my tenure of office, we have carried on aggressive management
improvement programs to strengthen and modernize the operations of every
bureau and office in the Treasury. These programs have been based on
management efficiency studies within the Department, management surveys
by private management engineering firms, and participation of all
employees through a system of cash awards for efficiency, superior
accomplishment, and management improvement suggestions.
As the direct result of the Treasury management improvement programs
since June 19U6, there have been monetary savings of many millions of
dollars. Employee suggestions alone have resulted in estimated dollar
savings of over $2 million. Other savings, the value of which cannot
readily be measured in terms of dollars, have also been effected. These
savings have been utilized in meeting increased workloads, reducing
appropriation requests, strengthening the enforcement work of some of
the bureaus, and covering the cost of installing mechanized and other
improved procedures.
One illustration of the improvements in departmental operations is
the coordination of the inspection activities of the Bureau of Customs
and the Bureau of Immigration, as a result of recommendations made by a
private management engineering study. The principal objective of this
particular recommendation was to have one officer of either service
perform the duties for both services in the preliminary screening of
passengers and vehicles at border ports and stations.# After a series of
successful pilot test studies, these procedures, commonly referred to as
"dual screening," were permanently installed wherever feasible at border
ports.
Another example is the progress we have made under the joint program
to improve accounting in the Federal Government which was started about
five years ago by the Comptroller General, the Director of the Budget,
and myself, and which is now being carried on at the direction of the
Congress under the Budget and Accounting Procedures Act of 1950. The new
procedures which we have been able to institute under this Act have
eliminated a substantial amount of paper work in the several departments and
agencies of Government and have expedited making funds available for
disbursement.
Still another example, and one which has real meaning for every
taxpayer, is the many improvements which have been made in the business
operations of the Bureau of Internal Revenue. Again to mention just a
few, voluntary compliance by taxpayers has been increased by the
simplification of tax forms and instructions; routine functions have
been centralized; tax collection procedures have been simplified; tabu
lating and other m o d e m office equipment have been installed on a large
scale. These improvements have not only resulted in savings of millions
of dollars, they have also permitted us to release many of our people
from routine collection work to frontline enforcement of our revenue
laws. Today, it costs less than one-half a cent to collect a tax dollar.
Moreover, in addition to management improvements in the Bureau, we
have just completed, pursuant to the Presidents Reorganization Plan
No. 1 of 1952, a major reorganization of the Bureau to remove structural
weaknesses, provide for speedier, more efficient and more accurate service,
and help make certain that the Revenue Service will enjoy the public’s
full confidence. Principal advantages of the reorganization are these:
First, every post in the* service, with the one exception of the
office of Commissioner of Internal Revenue, is now filled by Civil Service
appointees.
Second, it provides a strong and responsible field organization
which will eliminate complexities for the taxpayer and improve methods of
supervision.
Third, it establishes a strong, independent Inspection Service to
assure thorough, continuing checks on the conduct of Bureau employees and
the performance of the Bureau’s field offices*
In those districts where the plan has been in operation for a number
of months, we have been receiving many commendations from tax practitioners
and the general public or* the way it has been working out. I have also
been pleased, as I have traveled to various parts of the country in recent
weeks to complete our new revenue installations, to have many citizens
come up to me and tell me how delighted they are at the high caliber of the
officials chosen to direct the revenue affairs of their district.
If I were to give you a complete synopsis of all the Treasury's
activities in the business management field during the postwar years, I
would be here all afternoon. Neither my time nor your patience permits
that. I have tried, however, to outline some of the problems with which
we have dealt. I know that you have had to face comparable problems.
• 5
m
The r e s u l t s o f o u r v a r io u s en d eav o rs in th e b u s in e s s a d m in is t r a tio n
f i e ld are seldom h e a d lin e d * Y et th ey r e p r e s e n t a c t io n s o f im p o rtan ce to
every c i t i z e n * As I m entioned a t th e b e g in n in g o f my t a l k , sound
b u sin ess a d m in is t r a tio n i s the in terw oven th re a d which d eterm in e s to a g r e a t
extent the s u c c e s s w ith which we c a r r y o u t a l l the m ajor fu n c tio n s o f
Government.
Your F e d e r a l B u sin e ss A s s o c ia t io n h ere in P itts b u r g h and i t s some
300 companion a s s o c i a t i o n s th rou gh ou t th e co u n try a re making a v i t a l
co n trib u tio n to o u r dem ocracy by your c o o p e r a tiv e and c o n tin u in g e f f o r t s
to improve th e e f f i c i e n c y , in c r e a s e th e o u tp u t, and low er th e c o s t s o f
Government s e r v i c e *
0 O0
- 3 -
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation nowtor hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections •[£ and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115> of the Revenue Act of 19^1, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. I4I 8 , as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch,
-
dealers in investment securities.
2
-
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final,
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on December 11, 1952
, in cash or other immediately available
-------- W t-------funds or in a like face amount of Treasury bills maturing December 11, 1952 »
0?
;
Cash and exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
a s m
•/
ns *
TREASURY DEPARTMENT
Washington
5 ^
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December
1952
.
The Secretary of the Treasury, by this public notice, invites tenders
for 11,20°,0°0,OOP , or thereabouts, of
91
-day Treasury bills, for
tty
cash and in exchange for Treasury bills maturing December 11, 1952 . in
the amount of $1,200,93^,000
» to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
December 11, 1952
The bills
and will mature
March 12, 1953______ , when the face amount will be payable without intty
’
terest. They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, December 8, 1952*
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925«
Fractions' may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
\
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TREASURY D EPA RTM EN T
Information Se rv ice
WASHINGTON, D .C.
bbi
release m o r n i n g
newspapers
Thursday, De c e m b e r 4,
1952
,
S-3255
The* Secretary of the Treasury, b y this p u b l i c notice, i n v ites
tenders for $1,200,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y bills,
for cash and in e x c h a n g e for T r e a s u r y b i lls m a t u r i n g D e c e m b e r 11,
1952. in the amount of $1,200 , 9 3 ^ , 0 0 0 , to be issued on a d i s c o u n t
basis under c o m p e t i t i v e and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r
provided.
The b i l l s of thi s series will be d a t e d D e c e m b e r 11, 3952,
and will mature M a r c h 12, 1953* w h e n the face a m o u n t will be p a y a b l e
without interest
T h e y will be i s sued in b e a r e r f o r m only,' and in
denominations of $1 ,000, $5,000, $10,000, $100,000, $ 5 0 0 , 0 0 0 and
$1,000,000 (maturity value).
Tenders will be r e c e i v e d at Federal R e s erve B a n k s and B r a n c h e s
up to the closing hour, two o ’c l o c k p . m
E a s t e r n S t a n d a r d time,
Monday December 8, 1952,
Tenders will not be received at the
Treasury Department, Washington,
Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the p r ice
offered must be expressed on- the basis of 100, with not more than
three decimals, e g , 99.925*
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the.
special envelopes which will be supplied by Federal Reserve Banks or
Branches on- application therefor.
Others than b a n k i n g i n s t i t u t i o n s will not be p e r m i t t e d to
submit tenders except for t h e i r own account.
Te n d e r s w i l l be
received without d e p o s i t f r o m i n c o r p o r a t e d b a n k s and trust c o m p anies
and from r esponsible and r e c o g n i z e d d e a l e r s in i n v e s t m e n t securities.
Tenders from others mus t be a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of
the face amount of T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e n ders are
accompanied by an ex p r e s s g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k
or trust c o m p a n y .
Immediately a f t e r the. c l o s i n g hour, tenders w i l l be o p ened at
the Federal Reserve B a n k s and Branches, f o l l o w i n g w h i c h p u b l i c
announcement will be m a d e by the S e c r e t a r y of the T r e a s u r y of the
amount and price range of a c c e p t e d bids • Those s u b m i t t i n g tenders
will be advised of the a c c e p t a n c e or r e j e c t i o n thereof.
The S e c r e t a r y
of the Treasury e x p r e s s l y r e s e r v e s the right to a c c e p t or reject any
or all tenders, in w h o l e or in part, and his a c t i o n in a ny such
respect shall be final.
Subject to these r e s e r vations, n o n - c o m p e t i
tive tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated p r i c e f r o m an y one
hidden will be a c c e p t e d in full at the av e r a g e p r i c e (in three
decimals) of a c c e p t e d c o m p e t i t i v e bids.
S e t t l e m e n t f or a c c e p t e d
2
tenders in accordance with the bids must be made on completed 3,t the
Federal Reserve Bank on December X I > 1952> in cash or other immedi
ately available funds or in a like face amount of Treasury bills
maturing December 11» 1952*
Cash and exchange tenders will receive
equal treatment.
Cash adjustments will be made for difierences
between the par value of maturing bills accepted in exchange and the
issue price of the new bills.
The income derived from Treasury bills, whether interest or
pain from the sale or other disposition of the bills,.shall not have
any exemption as such, and loss irom the sale or other disposition
of Treasury bills shall not have any special•treatment, as such,
under 'he Internal Revenue Code, or laws■amendatory or supplementary
thereto
The bills shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the
United States, or by, any local taxing authority». For purposes_of
taxation the amount of. discount at which Treasury bills are origi
nally sold by the United States shall be considered to be interest,
Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 1941, the amount of
discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or other
wise disposed of, and such bills are excluded from consideration as
capital assets«
Accordingly, the owner of Treasury bills (other than
life insurance companies) issued hereunder need include in his in
come tax return only the difference between the price paid for such
bills whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary
gain or loss#
Treasury Department Circular No. 4l8, as amended, and this notice,
prescribe the terms of the Treasury bills and.govern the conditions
of their issue.
Copies of the circular may be obtained from any
Federal Reserve Bank or Branch,
oOo
Of the 21 D i r e c t o r s n a m e d f r o m C i v i l Se r v i c e
registers,
7 w e r e C o l l e c t o r s of
Internal Revenue who
d id not have C i v i l S e r v i c e s i a t u s ^ one w as an A c t i n g
C o l l e c t o r ^ 5 w e r e R e v e n u e S e r vice employees;
candidates from without
8
wer e
the R e v e n u e Service.
"The R e v e n u e S e r v i c e h as n o w b e e n g i v e n an
e x c e l l e n t f r a m e w o r k , " s aid S e c r e t a r y Snyder.
this p o i n t on,
" F rom
the p u b l i c can look f o r w a r d to y e ars of
steady improvement
in this v i t a l a r m of the G o v e r n m e n t
as n e w and b e t t e r w a y s of d o i n g b u s i n e s s are d e v e l o p e d
in r e s p o n s e to the d e m a n d s of a g r o w i n g n a t i o n a l economy."
The h e a d q u a r t e r s
are
lo c a te d
in
C h ica g o ,
B o sto n , A tla n ta ,
S t.
o f th e
L o u is v ille ,
B i r m in g h a m , ftj M flwiiy
C le v e la n d
1 7 new D i s t r i c t
New Y o r k , B a l t i m o r e ,
is ä m & m e k x
L o u is , D a lla s ,
Los A n g e l e s ,
o ffic e s
an d D e t r o i t *
S t.
Commissioners
B u ffa lo ,
P a u l,
S e a ttle ,
P h ila d e lp h ia ,
D en v er,
A s e l e c t i o n b o a r d of t op T r e a s u r y c a r e e r o f f i c i a l s
w a s c r e a t e d to r e v i e w the q u a l i f i c a t i o n s of i n d i v i d u a l s
b o t h w i t h i n and w i t h o u t
the R e v e n u e S e r v i c e w h o w e r e
e l i g i b l e for c o n s i d e r a t i o n for a p p o i n t m e n t .
In those
instances where posi t i o n s were filled without Civil
Service examinations,
the s e l e c t i o n b o a r d m a d e rec
recom-
A
mendations
to the C o m m i s s i o n e r of I n t e r n a l R e v e n u e and
the S e c r e t a r y of the T r e a s u r y on the c a n d i d a t e s for . „
/ K 'ifavm /ntz*
j
~K~ftCu
these p o s i t i o n s . I n ' i n s t a n c e s w h e r e C i v i l Se r v i c e
e x a m i n a t i o n s w e r e held,
the s e l e c t i o n b o a r d r e v i e w e d
/
Is **
/7
the q u a l i f i c a t i o n s of the p e o p l e h i g h e s t on the C i v i l
S e r v i c e r egisters.
In the f i n a l a p p o i n t i v e action,
all 17 n e w D i s t r i c t
C o m m i s s i o n e r s of I n t e r n a l R e v e n u e w e r e c h o s e n f r o m a m o n g
c a r e e r e m p l o y e e s of the B u r e a u of I n t e r n a l Revenue.
They were men whose
long y e a r s of o u t s t a n d i n g s e r v i c e
in the B u r e a u f i t t e d t h e m e x c e p t i o n a l l y w e l l f or the n e w
and w i d e r duties.
Many of t h e m c o u l d b o a s t of
a q u a r t e r of a c e n t u r y or m o r e of e x p e r i e n c e
3. r o u n d
in R e v e n u e
S e r v i c e r e s p o n s i b i l i t i e s of a h i g h order.
T h e 64 D i r e c t o r s of
follows:
I n t e r n a l R e v e n u e w e r e c h o s e n as
41 w e r e c a r e e r e m p l o y e e s
in the B u r e a u
of t h e m C o l l e c t o r s or A c t i n g Coll e c t o r s ;
f r o m C i v i l S e r v i c e r e g i sters;
other Government agencies
—
10
21 w e r e n a m e d
2 were transferred from
(one f r o m the G e n e r a l A c c o u n t i n g
O f f i c e a nd one f r o m the S a v i n g s B o n d s D i v i s i o n of the
.)
(p
W ith
re fe re n ce
d is tric ts
p la n
w e re
p ro v id e d
out th a t
n eed s.
th e
c re a te d
t o w hy o n l y 1 7 new
a lth o u g h
c e n te rs
in
m ay a l t e r
fu tu re
th e
oeen
to
of d is tr ic ts
o b je c tiv e
see
th a t
o f th e
o n ly
C iv il S e rv ice
in
th e
lo c a tio n
If
e x p a n sio n
of g reat
on t h e
im p o rta n t ch an g es
R evenue S e r v i c e
a c c o rd in g ly ,
so as
and c o n v e n ie n c e
t o m o d ify
to m a in ta in
to
ta x p a y e rs*
T r e a s u r y an d th e R evenue
B u re a u
th e m o s t c a p a b l e men a v a i l a b l e w e r e
n am ed t o
th e
d ire c to r
o f in te r n a l rev en u e,
p o s itio n s .
re o rg a n iz a tio n
fu tu re
re q u ire m e n ts
y ears.
o f m axim um e f f i c i e n c y
p rim e
th e
a n tic ip a te s
i t w i l l be p o s s i b l e f o r t h e
a s e rv ic e
^has
y ear,
p re se n t lim ita tio n
arra n g e m e n t
A
th is
as
f o r a m axim um o f 2 5 , S e c r e t a r y S n y d e r p o i n t e d
R evenue S e r v i c e
th e
in q u irie s
P o p u l a tio n g ro w th an d s h i f t s
in d u s tria l
o ccu r,
to
p o sts
and
of d is tr ic t
c o m m is s io n e r,
o th e r s u p e rv iso ry
an d
s ta ff
* * J i
r
T h ere
is
a
s tro n g e r
o rg a n iz a tio n , w ith
an d m o re r e s p o n s i v e
im p r o v e d s u p e r v i s i o n
An i n d e p e n d e n t i n s p e c t i o n
th ro u g h o u t
c h e c k on
th e
R evenue
th e c o n d u ct
p erfo rm an ce o f
As e v i d e n c e
S e c re ta ry
B u re a u ,
of a ll
fie ld
o f p u b lic
S n y d e r p o in te d
and B u r e a u o f f i c i a l s
at
G o v e r n o r s , m em b ers
and c i v i c
in te re s t
p ro g ra m s.
o th e r
in
th e
of
p ress,
T h ere
v o ic e d
C o n g re ss,
th e
e n th u s ia s tic
to
th e
ju d g e s ,
s c h o o l an d
,
T re a s u rjr
to -
fo r
th e ir
te le v is io n
a u th o ritie s ,
w ith
a c tiv e
th e
in s ta lla tio n
c ity
g o v e rn m e n ts ,
and
en d o rsem en t o f r e o r g a n i z a t i o n .
o f th e
h e ld
o th e r
c o lle g e
p a rtic ip a te d
c e r e m o n y in
in h i g h
w ere g e n e ro u s
ra d io ,
and
w ere h e l d .
C o m m e rc e ,
p ro g ra m s w e re
a u d ito riu m s .
b y th e
of
th e
had been g iv e n
H o u se w a s t h e s c e n e
m an y o f t h e
e m p lo y e e s
c o n tin u o u s
a p p ro v a l o f r e o r g a n iz a tio n ,
a rra n g e m e n ts
o rg a n iz a tio n s
The S t a t e
B u re a u
and g ro u p s
C ham bers
o p e ra tin g
e v e r y p o i n t w h e re c e re m o n ie s
o ffic ia ls ,
le a d e rs
le v e ls .
m a k in g a t h o r o u g h ,
to d a y t o
th e new o f f i c i a l s
l o c a l and S t a t e
is
a ll
o ffic e s .
c o o p e r a t i o n w h ic h h e s a i d
in s ta ll
s e rv ic e
at
fie ld
sch ool or
re p o rts
of
th e
B o sto n ;
c o lle g e
c e re m o n ie s
and n e w s re e l f a c i l i t i e s .
F o r th e
is
ta x
of
th e
fact
ta x p a y e r,
an
im p o rta n t f e a t u r e
th a t h e re a fte r
b u sin e ss
h e m ay c o n d u c t a l l
w ith a s in g le
in te rn a l rev en u e,
o f th e d i r e c t c r .
be
or
o ffic e
th e
to
so d isp e re d
R evenue
B u re a u t h a t
—
o ffic e
H e re to fo re ,
h as had
of r e o rg a n iz e tic n
in
th a t
F ed eral
of h is
d ire c to r
of a l o c a l re p re s e n ta tiv e
a d m in is tra tiv e
th e
h is
fie ld
a /ta x p a y e r w ith
re s p o n s ib ility
s e rv ic e
a v a rie ty
of
of
th e
ta x
tro u b le s
V
m ig h t h ave
to
a d ju s tm e n t*
ta k e
"O ne
th e m t o
s to p
se v e ra l d iffe re n t
s e rv ic e "
is
th e
goal
o ffic e s
fo r
o f th e
r e o r g a n iz e d R evenue S e r v i c e #
l i t k x 8 « a p i M i i i B i z E i i m i B a ± i d x £ i B X ¿ h e x t M p a y e * pc
B u t e lim in a tio n
on e
o f m any b e n e f i t s
and B u re a u
c o m p le x itie s
fo r th e
R evenue S e r v i c e
one o f f i c e
new d i s t r i c t
to
o ffic ia ls
is
now a
th e
ta x p a y e r
is
w h ic h T r e a s u r y
have
p o in te d .
ca re e r
o f C o m m i s s io n e r o f
R evenue a t W a s h in g to n . E v er y
fla l l e e t o r
fo r
o f re o rg a n iz a tio n
of I n t e r n a l R evenue
The e n t i r e
excep t
of
s e rv ic e ,
In te rn a l
p c l i l l c a l l ^ ^ g p p u i n t e d -.
e v e n u e 1 i s 1‘’»now» e u t ,il7o f
c o m m is s io n e rs
C iv i l S e rv ice ®
and d i r e c t o r s
are
a ll
under
only-
3
"fo llo w
le v e ls
is
th ro u g h ” p h a s e ,
e m b o d y in g d e t a i l e d
of re s p o n s ib ility
w o rk in g w ith
th e
t o m ake c e r t a i n
b e st p o s s ib le
a n d t h e G o v e r n m e n t* I t
in clu d e s
re o rg a n iz e d
R evenue S e r v i c e
a d ju s tm e n ts
as
are
m e a su re s
th a t
a d v a n ta g e
c o n tin u o u s
a ll
re o rg a n iz a tio n
to
th e
ta x p a y e r
s tu d y o f a l l
o p e r a t i o n s , w ith
fo u n d n e c e s s a r y .
at
t h e m a k in g
of
su ch
2
R e o rg a n iz a tio n
s p e a k in g , o f
th e
D e p a rtm e n t —
P re s id e n ts
B u reau
w as
a p p ro v a l o f
S e c re ta ry
of
a p ro g ra m
C h ica g o
at
new d i s t r i c t
cre a te d
th e
—
th e
P la n N o.
1 of 1952.
P re s id e n t
p o s itio n s
in
o rd ered
p la n ,
fu ll
o p e ra tio n
S e c re ta ry
S ta te
of
re m a in in g
each ,
P h ase 2
is
d e s c rib e d
is
o f th e
p la n w a s
on S e c r e t a r y
S n y d er’ s
th e
empl
sp eed ahead
in
me
c re a tio n
Illin o is .
to
of th e
The s e c o n d
se rv e
th e
and th e
th a t
ru le s
new d i s t r i c t
C ity
1 5 new d i s t r i c t s
o f New Y o r k .
w ere f i x e d ,
to f i l l
in s ta lla tio n
Snyder d e s c rib e d
in
firs t
th e
c e re m o n ie s
M onday, D ecem b er 1 ,
s a w tl
c o m p le te d .
c h a n g e s and a s sig n m e n t
re o rg a n iz a tio n
T re a su ry
and p e r s o n a l l y p a r t i c i p a t e d
on May 2 0 f o r
c o n d u c te d w ith s u c h s p e e d
e n tire
th e
in M arch .
p e rso n n e l ch osen u n d er C iv i l S e r v ic e
to p
te c h n ic a lly
T h is
and w a s g i v e n
a s h o r t tim e l a t e r ,
o f th e
of
a u th o rity
Jan u a ry ,
Snyder
im p le m e n tin g
or
u n d er th e
C o n g re ss by th e
C o n g re ss
—
o f I n t e r n a l R evenue
e ffe c te d
re co m m e n d a tio n l a s t
B o u n d a rie s
R evenue S e r v i c e
R e o rg a n iz a tio n
s u b m itte d t o
w as
of th e
t
th e
e ffe c tin g
o f p erso n n el as
P h ase
of
1 of
o rg a n iz a tio n a l
th e
u n d e rta k in g .
now u n d e r w a y t h r o u g h o u t
by B u re a u
of
In te rn a l
th e
R evenue
n a tio n .
o ffic ia ls
T h is
as
th e
The p l a n
« rim
w as
th e
o f R evenue B u re a u
p re p a ra to ry s te p s
,
im p ro v e m e n ts* D u rin g
s u g g e stio n s
S e rv ice
fra n
c a p s to n e
of s ix
o p e ra tio n s ,
y ears
an d o f a lo n g s e r i e s
i n c l u d i n g m an y a c t u a l
th e s i x
y ears
m any s o u r c e s
e q u ip m e n t a n d m e t h o d s .
fo r
of in te n s iv e
th e
o p e ra tin g
T re a su ry re c e iv e d
b e tte rm e n t
o f R evenue
s tu d y
of
A new ,
th o r o u g h ly m o d e rn iz e d an d s tr e a m lin e d F e d e r a l
I n t e r n a l R evenue S e r v i c e
U n ite d S t a t e s *
o rg a n iz a tio n
is
now f u n c t i o n i n g t h r o u g h o u t t h e
T ra n s fo rm a tio n
o f th e S e r v ic e
in to
an
b e t t e r d e s ig n e d
and
e q u ip p e d t o m e e t i t s
p re s e n t-d a y r e s p o n s ib ilit ie s
w as
c o m p le te d w i th a
a t D e tro it
s u c h p ro g ra m s
—
in s ta lla tio n
th e
la s t
of 17
o f n e w ly s la a e è I n t e r n a l R evenue
E ach i n s t a lla ti o n
c e r e m o n y m a rk e d t h e
o f a new I n t e r n a l R e v e n u e d i s t r i c t , w i t h
o f i n t e r n a l r avenue
o ffic ia l
f o r th e
and h a n d lin g
p u b lic ,
are
in
in
area.
ch arg e
one t o
fiv e
re p la c e
and i n
a ll
th e
d ire c to rs
th e
fo rm er
ev ery in s ta n c e
th e s a m e c i t i e s
as
as
th e
S e rv in g un der
p ra c tic a lly
The d i r e c t o r s
rev en u e,
—
d id
th e
th e
fie ld
s e ttin g
o ffic ia ls .
up
c o m m is s io n e r
s u p e rv iso ry
each d i s t r i c t
com m is s i o n e r ,
ta x a f f a ir s
in te rn a l
c o lle c to rs
have
ce re m o n y
a d is tric t
c h ie f
F ed eral
of
fo r
heavy
o f th e
rev en u e*
o f in te rn a l
t h e i r h e a d q u a rte rs
c o lle c to rs *
TREASU RY DEPARTM ENT
Information Service
RELEASE SUNDAY NEWSPAPERS
December
1952________
1,
u
WASHINGTON, D .C.
S-3256
A new, thoroughly modernized and streamlined Federal Internal Revenue
Service is now functioning throughout the United States. Transformation
of the Service into an organization better designed and equipped to meet
its heavy present-day responsibilities was completed with a ceremony at
Detroit — the last of 17 such programs — for the installation of newlyappointed Internal Revenue field officials.
Each installation ceremony marked the setting up of a new Internal
Revenue District, with a District Commissioner of Internal Revenue in charge
as the chief supervisory official for the area. Serving under each District
Commissioner, and handling practically all the Federal tax affairs of the
public, are one to five Directors of Internal Revenue. The Directors re
place the former Collectors of Internal Revenue, and in every instance have
their headquarters in the same cities as did the Collectors.
Reorganization of the Revenue Service — or technically speaking, of
the Bureau of Internal Revenue of the Treasury Department — was effected
under the authority of the Presidents Reorganization Plan No. 1 of 1952,
This plan was submitted to Congress by the President on Secretary Snyder* s
recommendation last January, and was given the emphatic approval of Congress
in March
The plan was the capstone of six years of intensive study of Revenue
Bureau operations, and of a long series of preparatory steps, including
many actual operating improvements. During the six years the Treasury re
ceived suggestions from many sources for betterment of Revenue Service
equipment and methods.
Secretary Snyder ordered full speed ahead in the implementing of the
plan, and personally participated in a program at Chicago on May 20 for
creation of the first new district — the State of Illinois. The second
new district was created a short time later, to serve the City of New York.
Boundaries of the remaining 15 new districts were fixed, personnel chosen
under Civil Service rules to fill the top positions in each, and the in
stallation ceremonies conducted with such speed that Monday, December 1,
saw the entire operation completed. Secretary Snyder attended all but
three of the installation ceremonies, and Under Secretary Foley attended
all of them.
» 2 -
577
Secretary Snyder described the effecting of organizational changes
and assignment of personnel as Phase 1 of the reorganization undertaking*
Phase 2 is now under way throughout the nation. This is described
by Bureau of Internal Revenue officials as the “follow through“ phase,
embodying detailed measures at all levels of responsibility to make certain
that reorganization is working with the best possible advantage to the
taxpayer and the Government. It includes ©ontinuous study of all re
organized Revenue Service operations, with the making of such adjustments
as are found necessary.
For the taxpayer, an important feature of reorganization is the fact
that hereafter he may conduct all his Federal tax business with a single
office — that of his Director of Internal Revenue, or the office of a
local representative of the Director. Heretofore, administrative responsibility has had to be so dispersed in the field service of the Revenue Bureau
that a taxpayer with a variety of tax troubles might have to take them to
several different offices for adjustment* “One stop service“ is the goal
of the reorganized Revenue Service.
But elimination of complexities for the taxpayer is only one of many
benefits of reorganization to which Treasury and Bureau of Internal Revenue
officials have pointed.
The entire Revenue Service is now a career service, except for the one
office of Commissioner of Internal Revenue at Washington. The new District
Commissioners and Directors are all under Civil Service.
There is a stronger and more responsive field organization, with
improved supervision at all levels.
An independent inspection service is operating throughout the Revenue
Bureau,, making a thorough, continuous check on the conduct of all Bureau
employees and the performance of field offices.
As evidence of public approval of reorganization, Secretary Snyder
pointed today to the enthusiastic cooperation which he said had been given
to the Treasury and Bureau officials at every point where ceremonies to in
stall the new officials were held.
Governors, members of Congress, judges, other local and State officials,
school and college authorities, and civic leaders and groups participated
with active interest in the arrangements for the installation programs.
Chambers of Commerce, city governments, and other organizations voiced their
endorsement of reorganization. The State House was the scene of the ceremony
in Boston; many of the programs were held in high school or college audi
toriums. There were generous reports of the ceremonies by the press, radio,
television and newsreel facilities.
- 3 With reference to inquiries as to why only 17 new districts were
created this year* although the reorganization plan provided for a
maximum of 25, Secretary Snyder pointed out that the present limitation
anticipates future expansion needs. Population growth and shifts in the
location of great industrial centers may alter the requirements on the
Revenue Service in future years. If important changes occur, it will be
possible for the Revenue Service to modify the arrangement of districts
accordingly, so as to maintain a service of maximum efficiency and con
venience to taxpayers.
573
A prime objective of the Treasury and the Revenue Bureau and the
Civil Service Commission has been to see that only the most capable men
available were named to the Civil Service posts of District Commissioner,
Director of Internal Revenue, and other supervisory and staff positions.
A selection board of top Treasury career officials was created to re
view the qualifications of individuals both within and without the Revenue
Service who were eligible for consideration for appointment» In those
instances where positions were filled without Civil Service examinations
because the candidates already had Civil Service status, the selection
board made recommendations to the Commissioner of Internal Revenue and the
Secretary of the Treasury on the candidates for these positions* In turn,
the Secretary made recommendations to the Civil Service Commission per
final approval* In instances where Civil Service examinations were held,
the selection board reviewed the qualifications of the people highest on the
Civil Service registers.
In the final appointive action, all 17 new District Commissioners of
Internal Revenue were chosen from among career employees of the Bureau of
Internal Revenue* They were men whose long years of outstanding service in
the Bureau fitted them exceptionally well for the* new and wider duties.
Many of them could boast of around a quarter of a century or more of ex
perience in Revenue Service responsibilities of a high order*
6k
The
Directors of Internal Revenue were chosen as follows: 1*1 were
career employees in the Bureau — 10 of them Collectors or Acting Collectors^
21 were named from Civil Service registers$ 2 were transferred from other
Government agencies (one from the General Accounting Office and one from the
Savings Bonds Division of the Treasury.)
Cf the 21 Directors named from Civil Service registers, 7 were Collectors
of Internal Revenue who did not have Civil Service status until they passed
examinations$ one was an Acting Collector^ 5 were Revenue Service employees$
8 were candidates from without the Revenue Service*
The headquarters offices of the 17 new District Commissioners are located
in Chicago, ^jjew York, Baltimore, Buffalo, Boston, Atlanta, Louisville,
St. Paul, Philadelphia, St. Louis, Dallas, Birmingham, Seattle, Denver,
Los Angeles, Cleveland and Detroit.
nThe Revenue Service has now been given an excellent framework,n said
Secretary Snyder. 11From this point on, the public can look forward to years
of steady improvement in this vital arm of the Government as new and better
ways of doing business are developed in response to the demands of a growing
national economy#”
oOe
A p o rtra it
o f th e
of
C h ie f J u s t i c e
F re d
S u p re m e C o u r t w as a d d e d t o d a y t o
c o lle c tio n
of p o rtra its
M# V in s o n
t h e T r e a s u r y 's
of fo rn e r S e c re ta rie s
of
th e
S n y d e r,
and
T reasu ry .
* ith
n u m e ro u s
th e
th e
C h ie f
Ju s tic e ,
T reasu n y o f f i c i a l s
V in s o n
an d f r i e n f l s
p o r t r a i t w as p l a c e d
S e c r e t a r y , F s i i i j ...iM w i i r r u .. /
* <
T h e p o r t r a i t w as p a i n t e d
id io s e
s tu d io
is
S e c re ta ry
in
>
^
o ffic e
A
/ c
on,
o f th e
^
i
b y Thom as E . S t e p h e n s ,
i n New Y o r k C i t y .
oOo
th e
lo o k in g
580
IMMEDIATE RELEASE
Friday, December £, 19^2
S-32^7
A portrait of Chief Justice Fred M. Vinson of the
Supreme Court was added today to the Treasuryts collection
of portraits of former Secretaries of the Treasury#
With the Chief Justice, Secretary Snyder, and numerous
Treasury officials and friends looking on, the Vinson
portrait was placed in the Office of the Secretary, facing
his desk.
The portrait was painted by Thomas E. Stephens, whose
studio is in New York City«
0O0
I
RELEASE UOKKINO
newspapers,
Tuesday, December
9» 1932.
The Secretary of the Treasury announced last evening that the tenders for
$ 1 ,2 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 91~day Treasury bills to be dated December 11,
1952, and to mature March 12, 1953, which were offered on December it, were opened
at the Federal Reserve Banin on December 8.
The details of this issue ere as followss
Total applied for - $l,9lt3,5lU,000
Total accepted
* 1,200,11$,000 {includes $23b,059,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
Average price
- 99*1*71/ Equivalent rate of discount approx* 2*091$ per annua
Range of aecepted competitive bides
High
Low
- 99*517
- 99*1)66
Equivalent rate of discount approx. 1*911$ par annua
*
*
*
*
»
2*113$ *
*
(Tit percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
Dallas
San Franciseo
Total
Total
Applied for
Total
Accepted
$
1
H ,9li3 ,5lk ,000
>1 ,200,11)2,000
22 ,107,000
1 ,367,389,000
33 ,200,000
31 ,298,000
31,18k, 000
25 ,569,000
202,007,000
1)0 ,262,000
16 ,985,000
1*9 ,015,000
ko,630,ooo
83 ,868,000
20,1)77,000
706,82l),000
16 ,200,000
31,298,000
28 ,921),000
25,1)1)3,000
166,658,000
32 ,502,000
16 ,985,000
kk,015,000
37 ,878,000
72,738,000
TREASU RY DEPARTM ENT
Information Service
WASHINGTON,
RELEASE MORNING NEWSPAPERS,
Tuesday, December 9* 1952.
S-3258
The Secretary of the Treasury announced last evening that '
the tenders for $1,200,000,000, or thereabouts, of 9 1 -bay Treasury
bills to be dated December 11, 1952, and to mature March 12, 1953*
which were offered on December 4, were opened at the Federal Reserve
Banks on December 8.
The details of this issue are as follows:
Total applied for - $1,943*514,000
Total accepted
- 1,200,142,000 (includes $234,059*000
entered on a non-competitive
basis and accepted in full at
the average price shown
below)
Average price
- 99.471/ Equivalent rate of discount approx,
2 .091$ per annum
Range of accepted competitive bids:
High
- 99.517 Equivalent rate
1.911$
- 99.466 Equivalent rate
O
IT
C .J
-Xj/iJ
Low
of discount approx.
per annum
of discount approx.
per annum
(74 percent of the amount bid for at the low p¡rice was accepted)
Federal Reserve
District ;
•
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago •
St. Louis
Minneapolis
Kansas ’City
Dallas
San Francisco
Total
Applied for
$
TOTAL
22,107*000
1 ,367 ,389,000
Total
Accepted
$
20,477,000
33*200,000
31,298,000
31,184,000
25*569,000
202,007,000
40,262,000
16 ,985,000
49*015*000
40,630,000
83,868,000
706,824,000
16 ,200,000
3 1 ,298,000
28,924,000
25 ,443,000
166,858,000
32,502,000
16,985*000
44,015*000
37 ,878,000
72 ,738,000
$1,943,514,000
$1,200,142,000
0O0
g m
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spur to progress.
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-
17
sustained beyond the period of
high-level defensa production.
Among those persons are
communist leaders who have
predicated the success of their
plans for world conquest on the
imminent collapse of our free
enterprise system.
It is undeniably true, of
cour®#, that the defense program
has increased production and
IS
prspf rati on
3 ns e»ss
■M)3
a burden on our economy.
It has
boon t moat rssiaricable experience
i
that through the ingenuity, the
m
§ i
the clarity of
thinking of the American
that white wo have H i
i It
the demines
of the defunge arogram, we have at
the same t ime enjoyed unprecedented
pro3per»ty in this country.
how,
I iti »»art that many
rsons have felt that
of accomplishment cannot
record
14* **
many of thorn electronic -- to
provide the pilot with greater
and more accurate fire power or
bombing performance, more
maneuverability, day and night
combat capability, and a better
chance of combat success, require
tans of equipment in a plana
where a few hundred pounds used
to It enough.
The stronger
construction needed to withstand
high-speed conditions demands
tougher and heavier materials, while
..
lo
VJ
10
o
of our basic resources and
increased our basic industrial
cap&c ity
ilies V-J Day,
approx{stately 1170 billion of
private capital his bean put into
now
■
plant and s q u i p m e n t .
This is
a far greater sum -- both in
I
1■
I
I
dollars and in real terms
than
in any other comparable tima in
our c o u n t r y ’s history, and as a
result our manufacturing capacity
today is over S5 percent greater
F
-
¿
-
products oí Âmer ican industry *nd
äV r iculture.
Asthis
opened t h e door to ever- i n c r e « s i n s
«roaucx
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ew oppe, «,
s>d the door
T o r
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perdonili and r>«t ion*! prosi;
recent
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■-jp*.
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d
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consideration is u iven ts the raany
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irit
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volunteered
k By
h
a dr t y r<
liii.iir « o f «* t
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oofiv§ t i % i o ii o I thy uyxcfoor
A y
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£|
h $
1
tn
is
u H
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m
progross
l a t i
The e I f a
II Gf V 0
a v a l
u IV i u u *
in t a « o us s f
c f us t r y #
it i i
I',.* # | . |
in
el of tiO wo St
r e o r v s o n t
factors
if
\m y r io i *
fu i a
^
W
icing,
1» Wt'-EgE
t Wa Wn ‘“I*
h n Ii ltw|.Wu wb fs*
V
i n d u c ing
iation
31
§I , have served as a key
S'
The f o l l o w i n g address by S e c r e t a r y Snyder before
ïèK ztoxm àx&mTBatetwesmte. ttothe National Convention of the Outdoor A d v e r t i s i n g
A s s o c i a t i o n of America a t the Conrad H i l t en H o t e l ,
Chicago, I l l i n o i s , is scheduled f o r del i v e r y at 2 p.m.
CST Tuesday. December 9. _19.52* .ahcLis. f o r r e l e a s e ,
at t h a t time*
f
TREASURY DEPARTMENT
Washington
The following address by Secretary Snyder
before the National Convention of the
Outdoor Advertising Association of America
at the Conrad Hilton Hotel, Chicago, Illinois,
is scheduled for delivery at 2 ¡CC p,*>m0 CST,
Tuesday, December 9 » 1952* and is for' ~“*
release at that time«
621
I
appreciate the opportunity to appear before this annual convention of
the Outdoor Advertising Association of America, As a group and as individuals,
you represent one of the most potent factors in the business progress of this
Nation — the advertising industry. The effective techniques in national
advertising, including those which your Association has developed, have served
as a key to open up vast new markets for the products of American industry and
agriculture« As this key has opened the door to ever*.increasing productivity,
it lias likewise opened the door to new opportunities for our people and an
unparalleled personal and national prosperity«,
In recent years, the indispensability of advertising has taken on even
greater meaning, when consideration is given to the many ways in which you have
volunteered the talents and resources of the advertising industry to promote
public service programs« A most notable example of your industry’s public
service activities has, of course, been the enthusiastic and unstinted support
you have given the United States Savings Bonds Program« Your industry-wide
efforts have not only helped assure the success of this program^ but have helped
make it a great bulwark to the financial and economic stability and strength
of our country«
It is an established fact that never before in history has the economic
strength of a nation been so important to its military power* The communist
invasion of the Republic of Korea, in an attempt to destroy the hard-won
liberties of a free people, has made it clearly apparent that in order to
assure our defense of peace, we shall have to rely upon our own and our allies1
military preparedness and our allied economies to provide that protection*
This means that we are faced now with a new test of our citizenship* Our
form of Government rests squarely upon the concept of individual responsibility
in the formation of national policies and programs* And every national policy
or program, to be successful, must represent the will of individual citizens
acting jointly«
This present situation — one short of all-out war, but with many of the
burdens of actual war — requires a tough and long-lasting brand of patriotism*
It requires a new degree of statemanship on the part of all of us* It requires
courage to face the facts and to hold to our purpose of preventing another
full-scale war by preserving freedom and decency in the world*
S-3259
-
2
-
622
¥e have, I think, made substantial progress in that direction in the two
and one-half years since the invasion of Korea«
Our national defense program is well advanced» Deliveries of all military
procurement items have risen steadily« The production of tanks and other
combat vehicles is now at a rate seven times higher than a year ago, and the
first production models of a new heavy tank will shortly be delivered© The
output of electronic equipment, including some of the largest and most complicat
ed items, is more than double that of a year ago* Aircraft deliveries also are
increasing rapidly« Two years ago,* production of the B-J47 , our principal
medium bomber had barely started* today, at one plant alone, of the three
producing this model«. &*kVs are being turned out at a rate of better than one
per day, while the combined output of F-8U fighter-bombers and F-86 fighterinterceptors has reached 2^0 a month* or more than four times the production
rate of 2 years earlier©
We have, as well, already built some of the reserve production capacity
that is needed, and we have expanded, the output of our basic resources and
increased our basic industrial capacity« Since V-J Day, approximately $170
billion of private capital has been put into new plant and equipment© This is
a far greater sum — both in dollars and in real terms — than in any other
comparable time in our country*s history, and as a result our manufacturing
capacity today is over 6 5 percent greater than it was at the end of World War II*
Our steel capacity, already by far the greatest in the world, has risen by 23
percent, with almost two-thirds of the increase achieved since the Korean
invasion* Our electric power capacity has increased 6)4 percent, and 5? percent
of this increase has also taken place since the Korean invasion* And our
petroleum capacity, another basic element in our productive strength, has risen
over 50 percent to 7«8 million barrels per day 0
We should not, however, underestimate the magnitude of the job still before
us. National security in these troubled times does not come cheaply or without
effort© This fact is apparent,if only because of the growing complexity of
military weapons, of which our aircraft is a particularly significant example*
The first B-l;7 ustratojetn medium boirber required 3-1/2 million engineering
man-hours, compared to only 85,000 man-hours for the first production model of
the B-17 -- our standard heavy bomber during most of World War II0
Today1s Navy or Air Force jet fighter weighs nearly as much as the old
B-17 bomber, and today»s B-36 weighs 2-1/2 times as much as. the older B-29 *
Automatic devices — many of them electronic — to provide the pilot with greater
and more accurate fire power or bombing performance, more maneuvez’ability, day
and night combat capability, and a better chance of combat success, require.tons
of equipment in a plane where a few hundred pounds used to be enough* The
stronger construction needed to withstand high-speed conditions demands tougher
and heavier materials, while new jet engines, developing as much as 25»000
horsepower — 2-1/2 times the power of the combined four engines of a B-29
Superfortress — have required the use of new heat-resisting alloys demanding
larger amounts of metals already in short supply*
- 3 -
B23
X need not tell you then* when wre consider the defense program as a whole*
that all of this is expensive; that all of this necessary preparation places a
burden on our econony* It has been a most remarkable experience that through
the ingenuity, the will to do and the clarity of thinking of the American
people that while we have met the demands of the defense program, we have at
the same time enjoyed unprecedented prosperity in this country*
Now, X am aware that many persons have felt that this record of accomplishment cannot be sustained beyond the period of high-level defense production*
Among those persons are the communist leaders who have predicated the success
of their plans for world conquest on the imminent collapse of our free enterprise
system*
It is undeniably true, of course, that the defense program has increased
production and employment in the defense and defense-related industries, but
the fundamental basis of our present prosperity is derived from the more
permanent factors which have created, and will continue to create, a solid and
expanding demand for both goods and services#
These factors include, for one, a broad distribution of income w"hich has
created a mass market for the products of American industries and agriculture#
For another, our rapidly growing population in our dynamic econoiiy is
providing a continuously expanding demand for housing* for community facilities*
and for a multitude of other goods and services as well* This past year alone,
2-3/it million persons were added to our population* This was the equivalent of
adding a new state as large as Iowa# The result has been to open a new frontier
offering increased rewards to those who are willing to take advantage of the
opportunity*
Moreover, in our free economy, the competition of business for the favor
of the consumer provides yet another spur to progress. We are living in the
midst of a tremendous period of new discovery and invention* The application
of new methods and techniques and the production of new products were strong
influences in our economic advance prior to the Korean invasion* In the future,
equal possibilities are clearly present, and will contribute to our future
economic expansion when the slackening in defense requirements releases productive
resources in large volume to peacetime uses*
I have, throughout what I have said about our future prospects, assumed
that we, as a Nation, will be alert to adopt fiscal and other economic policies
appropriate to changing economic circumstances.
It is, as you know, the primary responsibility of the Secretary of the
Treasury, as provided by the Congress in the original Act of 1789 establishing
the Department, to n ***prepare plans for the improvement and management of the
revenue, and for the support of the public credit**," In the broadest sense,
confidence in the credit of the United States Government and a healthy growing
economy are synonymous* For this reason, every Secretary of the Treasury has
recognized that, in peace or war, any substantial impairment of the credit of
624
-li
the Federal Government would be a major blow to the maintenance of high-level
production and employment and to the orderly operation of our private enterprise
system* Every effort has been made, therefore, by succeeding Secretaries to
maintain confidence in the Government*s credit*
The principles of sound fiscal policy are not difficult to comprehend* I
have tried to recognize those principles at all times in my recommendations to
the Congress and to the President*
For example, when I took the oath as Secretary of the Treasury in June 19l|6,
I made this statements "It is the responsibility of the Government to reduce
its expenditures in every possible way, to maintain adequate tax rates #** and
to achieve a balanced budget — or better ©c*#" We made progress on this account,
for we were able to show an over**all budget surplus of nearly $3 - 3 /l| billion
during the six completed fiscal years ended last June 30? taken as a whole#
Now, however, the expanded requirements of national defense have so greatly
raised the necessary level of Federal expenditures that, despite the increased
taxes enacted by the Congress, we are faced with the problems attendant upon a
substantial budget deficit* Nevertheless, the job of financing the defense
effort and of maintaining continued public confidence in the credit of the
United States has been made easier because of the financial policies we pursued
earlier, and because increased revenues and strengthened tax laws have enabled
us to finance our defense needs to a much greater extent out of current income#In formulating our debt management policy during recent years, considerable
stress has been laid on the encouragement of individual thrift# The Treasury
Department, through its Savings Bonds Program, has continuously endeavored to
stimulate savings which in turn would serve both to build up a strong backlog
of purchasing power and at the same time, in the defense period, act as a
deterrent to inflationaiy forces©
It was in this spirit that we have carried on in the postwar years, with
your invaluable help and cooperation, a number of national thrift campaigns*
You were given the blueprints and you went to work to add your industry^
resources in a great volunteer effort to bring the thrift message to every
community in our land* It is genuine evidence of the high esteem in which this
objective is held that the advertising industry has made it possible for the
Savings Bonds Program to receive some
to |?0 million annually in donated
advertising during the postwar years#
You know the results of our Nation-wide efforts© Despite the fact that
many bonds were redeemed to buy homes, household furnishings, automobiles, to
provide higher education for our youth, and to meet various emergency expenses,
the volume of savings bonds outstanding today is nearly $9 billion more than
it was in June 19^6©
The tremendous part which advertising has played in making the Savings
Bonds Program a success cannot adequately be measured, although its results
are obvious# Advertising holds a position in the United States which, in
** f> -
G25
comparison to its position in other countries, is unique* Nowhere else is
advertising so highly developed or so important in the econongr© It is to
convincing advertising that I attribute a major credit for the fact that today
over one-fifth of our public debt is in the form of savings bonds* Advertising
has, indeed, been one of the primary forces in the achievement of our sales
goals through the years and will remain a key force in the future0
To you members of the Outdoor Advertising Association, I particularly
want to express my warm thanks for the imaginative and stimulating part that
you have taken in making our thrift program efforts so successful*
Today, as we face the future it is of the greatest importance that we,
all of us, make every effort to solve the serious problems which confront us,
taking full courage from the record of our accomplishments in the past, and
toward this end let us move with fortitude and confidence, determined in a
united effort to build a peaceful world in which liberty and justice are the
common property of all mankind*
0 O0
TREASURY DEPARTMENT
F is c a l S e rv ic e
STATUTORY DEBT LIMITATION
AS OF IToveiaber 3 0 , 1952
Washington,
December 4, 195
to
Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued
under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the
United states (except such guaranteed obligations as may be held by the secretary of the Treasury), "shall not
exceed in the aggregate $275,000,000,000 (Act of June 26, m 6; U.S.C., title 31 , sec. 757b), outstanding at
any one time. For purposes of this section the current redemption value of any obligation issued on a discount
basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount."
The following table shows the face amount of obligations outstanding and the face*amount which can still
be issued under this limitation:
$ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-beari ng:
Treasury bills.....................
Certi f icates of indebtedness..... .
Treasury n o t e s ........... .........
Bonds Treasury
Savings (current redemp. value)
Depositary.......................
1 2 1 , 7 1 5 , 086,000
1 6 . 901 . 934.000
36.342.103.400$ 74,959,12 3 , 1*00
79.767,978.900
57,850,235,8^8
395.65^,500
Armed Forces Leave..............
Investment series...............
Special Funds -
Certificates of indebtedness
Treasury notes
Total interest-bearing
13.449.536.000
23,808,215,000
14,980.030.»00
Matured, interest-ceased....................................
Bearing no interest:
war savings stamps .. ..............
151,463,405,248
38.788.24*>»400
265,210,774,048
282 , 005,013
48,810,322
1 ,601,763
Excess profits tax refund bon d s...
Special notes of the United States:
Internat'l Monetary Fund series...
1,263,000,000
Total
1*313.412.085
266,806,191,146
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H. a . ..................
Demand obligations: C.C.C............ ....
Matured, interest-ceased
48,854,586
415,461
49,270,04?
1 , 322,375
50,592,422
Grand total outstanding ..........................................
Balance face amount of obligations issuable under above authority
266 , 856 , 783,568
8,143,216,432
Hov, 30, 1952
... (Date)..
Treasury, Bee* .1,. 1952)
Reconcilement with statement of the Public Debt
(Daily statement of the United States
Outstanding -
Total gross public debt .................... .......................................
Guaranteed obligations not owned by the Treasury
Total gross public debt and guaranteed obligations ...........
Deduct - other outstanding public debt obligations not subject to debt limitation..
267 , 432 , 234,929
S0.S92.422
267,482,827,351
........ 626.043. 783
266,856,783,56®
STATUTORY DEBT LIMITATION
AS OF NOVEMBER 30, 1952
627
December 10, 1952
Section 21 of Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be held by the Secretary of the Treasury), "shall
pot exceed in the aggregate $275*000,000,000 (Act of June 26, 19U6$ U.S.C., title 31,
sec 75?b), outstanding at any one time. For purposes of this section the current
redemption value of any obligation issued on a discount basis which is redeemable
prior to maturity at the option of the holder shall be considered as its face
amount.w
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
$275,000,000,000
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing:
Treasury bills.......... ......$ 21, 715, 086,000
Certificates of indebtedness... 16 ,901,93l(, 000
Treasury notes......... ....... 36,31*2,103,1*00 I 75,959,123,1*00
Bonds 79,767,978,900
Treasury.............,.......
Savings(current redemp. value) 57,850,235,81*8
395,651*, 500
Depositary................. .
Armed Forces Leave..... .....
Investment series.......... . 13,14*9,536,000
Special Funds Certificates of indebtedness. 23,608,215,000
Treasury notes,.............. lU,980,030,I4OO
Total interest-bearing....
Matured, interest-ceased...........
Bearing no interest:
War savings stamps.... .
148,810,322
Excess profits tax refund bonds..
1,601,763
Special notes of the United States:
Internata Monetary Fund series
1,263,000,000
Total........ .....................................
Guaranteed obligations (not held by Treasury):
Interest-bearing :
Debentures: F.H.A. ..........
!|8,85U,586
Demand obligations: C.C.C.
....
Ul5,U6l
Matured, interest-ceased .........
151,1*63,1*05,21*8
3 8 ,788 ,21(5 ,1*00
z w ,m 7 7 m ^ m
282 ,005,013
1,313,1*12,085
26675o6>191,155
U9,270,0117
..... 1,322,375
55,'552,522
Grand total outstanding............................
Balance face amount of obligations issuable under above authority...
266,856,76^ 568
8-j.H3,2l6^Ü32
Reconcilement with Statement of the Public Debt - November 30, 1952
(Daily Statement of the United States Treasury, December 1, 1952)
Outstanding Total gross public debt ............................................ 267,¿+32,23^,929
Guaranteed obligations not owned by the T r e asury............... .
50,592,¿422
Total gross public debt and guaranteed obligations
............ 267,li82,827351
Deduct - other outstanding public debt obligations not subject to
debt limitation............................... ...............
626,Cl.i3,783
26p 56,783,563"
S-326O
M E D I A T E RELEASE
December 9, 1952
f#
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 191*6, from January 1, 1952, to November 29, 1952,
inclusive, as follows;
products of the
Philippines
:
:
Buttons • • ............
Established Quota i
Quantity
:
8 5 0 ,0 0 0
Unit of
Quantity
Gross
Cigars • • • • • • • • • •
2 0 0 ,0 0 0 , 0 0 0
Number
Coconut Oil • • • • • • • •
1*1*8 ,0 0 0 , 0 0 0
Pound’
C o r d a g e ........ .
Rice • • • • • • • •
• • • «
Imports as of
November 2 9 , 1 9 5 2
7 1 7 ,9 2 1
l ,6 oS ,5 2 U
1 0 6 ,8 1 7 , 2 9 7
6 ,0 0 0 , 0 0 0
pound
U ,0 1 8 , 8 6 7
1 ,01 *0 , 0 0 0
Pound
-
l , 9 0 l*,0 0 0 , 0 0 0
Pound
(Refined • .
Sugars
1 ,6 0 0 ,2 8 1 , 0 0 1
(Unrefined • •
Tobacco • • • • • • • • • *
\
6 ,5 0 0 , 0 0 0
Pound
2 ,6 9 0 , 9 0 7
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday5 December 10, 1952
S-3261
The Bureau of Customs announced to d ay preliminary figures showing the
imports^for consumption of commodities on which quotas were prescribed by the
Philippine Traoe Act of I9I46, from January 1, 1952, to November 29* 1952
inclusive, as followsj
' ~3
0
Products of the
Philippines
j
:
•
•
Buttons •
•
Established Quota
Quantity
: Unit of
: Quantity
•
#
; Imports as of
sNovember 29 , 1952
#
#
85o,oco
Gross
717,921
Cigars•••«•«•
200 ,000,000
Number
1,005,521*
Coconut Oil,.
1*1*8 ,000,000
Pound
106,817,297
Cordage cptctaio«4 «»Mt#ii
6 ,000,000
Pound
JLt.,018,867
HiceM .M ,# M M < I M I M M t
1 ,01*0,000
Pound
-
l,90l*,000,000
Pound
Sugars
(Refined.... .
...
(Unrefined,.,.*,»
Tobacco..............tttt
m
1 ,600 ,28 1,0 0 1
6,500,000
Pound
2,690,907
IMMEDIATE RELEASE
December ^ 5 1952
/
¡0
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff-rate quota limitations from the begin
ning of the quota periods to November 29> 1952, inclusive, as follows:
Commodity
Period and Quantity
Unit
of
Quantity
Imports as of
November 29, 1952
Whole milk, fresh or
sour . ............... •Calendar year
3,000,000
Gallon
22,831*
.Calendar year
1,500,000
Gallon
899
50,000,000
Pound
1,1*97
31,1*72,108
Pound
Quota Filled
150,000,000
798,900,000
Pound
Pound
20,061*, 930
18 ,16 5 ,79 9
Walnuts • * • ..........., Calendar year
5,000,000
Pound
Quota Filled
Petroleum and petroleum
products....... . . • •Calendar year
Venezuela
Netherlands
Other
Countries
2 , 9 5 6 ,8 1a, 9U9
930,857,651
Gallon
Gallon
Quota Filled
Quota Filled
1,090,11*8,800
Gallon
Quota Filled
Cream.................
Nov. 1 , 1952Butter....... . . . . •
March 3 1 , 1953
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish . » * •Calendar year
White or Irish potatoes:
certified seed . • • • • .12 months from
other........... . • 4. Sept. 13, 1952
Almonds :
shelled....... .
• 12 months from
1,096,595
7,000,000
prepared • . • • • • • •
•October 1, 1952
Pound
130,959
TREASURY DEPARTMENT
631
Washington
IMMEDIATE RELEASE
Wednesday, December IQ, 1952
S*3262
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff-rate quota limitations from the
beginning of the quota periods to November 29, 1952, inclusive, as follows:
Commodity
Period and Quantity
Unit
of
Quantity
Imports as of
November 29, 1952
Whole milk, fresh or
sour«..o.
Calendar year
3,000,000 Gallon
22,831*
Cream*.»«•
Calendar year
1,500,000 Gallon
899
Nov# 1, 1952B
u
t
t
e
r
.
•
5 0 ,000,000 Pound
1,1*97
31,1*72,108 Pound
Quota Filled
150 ,000,000 Pound
20,061*,930
18,165,799
March 31* 1953
Fish, fresh or frozen,
filleted, etc*, cod,
haddock, hake, pollock,
cusk, and rosefish,••*•«•» Calendar year
White or Irish potatoes:
certified seed,8** *.«»««o* 12 months from
other...................r« Sept* 15, 1952
Petroleum and petroleum
pr OdUCt Sa,* ** ••*o•*«• 3. boo Calendar year
Venezuela
Netherlands
Other
Countries
Pound
Quota Filled
Quota Filled
1,090,11*8,800 Gallon
Quota Filled
12 months from
Prepaied.«*•*•.•*«•»*&**** October
1, 1952
Quota Filled
2,956,8hl,9it9 Gallon
930,857,651 Gallon
1,096,595
-0
o
o
o
4,
o
o
o
Almonds :
Shelled
o
o
o
«\
o
o
o»4
1A
Walnuts* .*«<.,,0Qeee..G*9«'3t4 Calendar year
798,900,000 Pound
Pound
130,959
,
M j-tJ'j
y ( j- 7 2 ¿>3
«£©8**IMMEDIATE RELEASE
December % 1952
7J
The
Customs
announced.
,771 —Bureau
' ~ of ,-----------figures showing the
quantities of wheat and wheat fLoux/entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamation of April 13, 19ii2
for the 12 months commencing May 29, 1952, as follows:
*
Wheat
Country
of
Origin
Established :
Imports
Quota
*May 29, 1952, to
{December 9* 1952
(Bushels)
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
795,000
794,576
100
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports”
Quota
t May 29, 1952,
: to December 9
(Pounds)
(Pounds)
3 ,815,000
24,000
1 3 ,0 0 0
1 3 ,0 0 0 8 ,0 0 0
75.000
1,000
5 ,o o o '
5 ,o o o .
1 ,000 ’
100
* 100
1 ,2 19 ,6 7 6
44
1,000
100
2,000
100
1,000
14,000'
2,000
12.000
1,000
1,000
1,000
1,000
100
-
1,000
1,000
1,000
1,000
1,000
1,000
1,000
-
1,000
100
100
100
100
"800,000
794,57s
4,000,000
1 ,2 19 ,7 2 0
633
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesday, December 10, 1952
S-3263
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn from
warehouse, for consumption under the import quotas established in the President’s
proclamation of May 28, 19kl, as modified by the President’s proclamation of
April 13, 191*2, for the 12 months commencing May 29, 1952, as follows:
Wheat
Country
of
Origin
Canda
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
Established t
Imports
Quota
;May 29, 1952, to
sDecember 9, 19^2
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established i
Imports
Quota
j May 29, 1952, to
December 9• 1952
(Bushels)
(Bushels)
(Pounds)
(Pounds)
795,000
7?U,576
•
3,815,000
1 ,219,676
-
-
100
-
-
100
100
-
2
-
-
—
-
-
100
2,000
100
1,000
-
100
—
-
m
-
-
mi
-
m.
-
—
-
—
-
•»
-
—
m
1,000
100
100
-
100
100
_
‘800,000
MB
79k*578
2k,000
13,000
13,000
8,000
75,ooo
1,000
«•
kh
5,0 0 0
5 ,o o o
1,000
1,000
1,000
lk,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
MB
MB
mm
mm
_
.
■
mm
4,000,000
1,219,720
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made froar cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE? Provided, however, that notmore than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes'made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland^ Belgium, Germany, and Italy:
Country of Origin
:
United Kingdom ........
Canada .................
France .......... .....
British India .... .....
Netherlands ...........
Switzerland ...........
Belgium ................
Japan .................
China ..................
E g y p t .... .............
C u b a ..... ..... .......
G e r m a n y ......... ......
Italy ..................
Established
TOTAL QUOTA
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
Imports
ly
: Total imports
: Established :
s Sept. 20, 1952, to s
33-1/3% of : Sept. 20, 1952,
: December 9* 1952
: Total Quota : to December 9« 1952
607
211,686
13,111
8,964
15,929
«■Ht
«
m*
-
—
#■*
6.430
m
m
1,441,152
-
75,807
22,747
14,796
12,853
—
25,443
7,088
13,111
15,929
«•ft
-
mm
—
m
____
5.482.509_________ 256,727___________ 1.599.886_________ 35.470
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
T -
A
, I M M E D I A T E RELEASE
(jJyW-, December
*4
V
1952
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President's Proclamation of September 5, 19395 as amended
COTTON (other than linters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3/4"
Imports Sept,
1952. to~December 9* 1952. inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
Peru
.......
British India ......
China ..............
Mexico ............ .
Brazil .........
Union of Soviet
Socialist Republics
Argentina ...........
H a i t i .... ..........
Ecuador .... ^*.... ..
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
Imports
587
«*»
m
in
4,432,824
**
475,124
5 ,2 0 3
237
9,333
m*
*m
mm
mm
Country of Origin
Established
Honduras .............
P a r a g u a y .............
Colombia ..............
Iraq ...... ;...........
British East Africa ...
Netherlands E. Indies
Barbados ..;......... .
l/0ther British W. Indies
Nigeria ................
2/0ther British W. Africa
3/Other French Africa ...
Algeria and Tunisia ..,
Imports
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
-
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2/ Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4”
Imports Sept. 20. 1952» to November 29« 1952
Cotton 1-1/8* or more, but less than 1-11/16*
imports Feb. ]T. 1952. to December 9. 1952
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
2,361,627
45*656,420
Imports
29,585,233
W#9W I» yer
ssestsh
f-7 9 'T C
aLviaawwi
3
1 TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Wednesdayj December 10,
Inc*'
S-3261*
Preliminary data on imports for consumption of cotton and cotton waste chargeable
to the quotas established by the Presidents Proclamation of September 5,
1939* as amended
COTTON ^Other than linters) (in pounds)
Cotton under 1-1/8 Inches other than rough or harsh under 3A »
Imports ¿>eptp ¿0, i9p2, to December 9, 1952 , inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
Peru. ........ .
British India .......
China ...............
co ..............
Brazil ..............
Union of Soviet
Socialist Republics
Argentina ...........
H a i t i .... .
Ecuador .............
1/
[mports
78 3 ,3 1 6
21+7,952
2,003,1+33
1,370,791
8,883,259
618,723
587
1+75,121»
5,203
O 1
9,333
Country of Origin
Ronduras ..............
Paraguay..... .
C o l o m b i a . ...
Iraq ..................
British East Africa .
Netherlands E. Indies .
B aro ados .«.... ........
¿/Other British W. Indies
KH
c p p y *"?
2/
3/
Other than Algeria, Tunisia, and Madagascar.
3/hn
Imports Sept. 20, 1952, to November 29, 1952
Established Quota (Global'
70,000,000
-*-*is■*■
. . . . . . . so
2/other British W. Africa
3/Other French Africa ...
Algeria and Tunisia ...
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Cotton, harsh or rough, of less than
Established Quota
Imports
2,361,627
752
871
121*
.195
2,21*0
71,388
21,321
5,377
l6,00l*
68?
Cotton l-l/6n or more, but less than l-Il/l6!t
Imports Feb. I, 1952, to December 9.» 1952
Established Quota (Global)
1*5,656,1*20
Imports
29,585,233
Imports
-
2
-
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP
WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT 1-iANUFACTURED OR OTHERWISE ADVANCED IN VALUE:
Provided, however, that not more than 33"‘l/3 percent of the quotas shall be filled by cotton wastes other
ring
than comber wastes made from cottons of 1 -3 /1 6 inches or more in staple length in the case of the follow!
countries: United Kingdom, France, Netherlands, Switzerland, Eelgium, Germany, and Italy:
«
*
Country of Origin
United Kingdom . . . « • •
Canada • • • • • • « ......
France
British India
Netherlands ........
Switzerland « • ..... .
Belgium
Japsn . . ........ • . « •
China . . • ...............
E g y p t .............. .
Cuba
: Established
: TOTAL QUOTA
• •• #t
1*,323,1*57
239,690
227,1*20
*«*$•#
......
607
211,686
13,111
8 ,96!*
:
Imports
l/
: September 20, 1952,
: to December 9 , 1952
1 ,14*1 ,1 5 2
—
-
—
13,111
—
15,929
15,929
75,807
22,71*7
1*1*,388
38,559
31*1,535
-
111,796
-
-
12,853
—
-
—
mm
1 7,3 2 2
8 ,1 3 5
-
—
-
—
**
6,51*U
-
—
**
76 ,32 9
21,263
-
25,14*3
6,1*30
7 ,0 8 8
6,1*30
5 r 1*82,509
256,727
1,599,886
3 5 ,1*70
69,627
68,2I+Q
Germany
...... . • • • 0 •
Ita_i.y . . . . . . . . . . . . . . . • • • • •
l/
: Total imports
: Established
«Sept. 20, 1952, to: 33-1/3$ of
«December 9, 1952 : Total Quota
Included in total imports, column 2.
Prepared by the Bureau of Customs
- 3 m m
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19^1, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. iil8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
-
2
-
g DHHEX
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva-
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
December 18. 19*52 » in cash or other immediately available
--------6HJc
..
funds or in a like face amount of Treasury bills maturing December 18. 1952 »
rant
Cash and exchange tenders will receive equal treatment. Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto,
The bills shall be
«
m
u
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December 11, 1952
#
The Secretary of the Treasury, by this public notice, invites tenders
cash and in exchange for Treasury bills maturing
the amount of $1,202.812,000
December 18 1952 . in
----- — g-j-*----^ —
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
December 18, 1952
The bills
, and will mature
March 19» 1953____ when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. December 15. 19£2.
3dxikjk
Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from, responsible and recognized
TREASU RY DEPARTM ENT
Information Service
RELEASE MORNING NEWSPAPERS,
Thursday, December 11, 1 9 5 2 . .
WASHINGTON,
.
t
-,
,
-
S-?3265
The Secretary of the Treasury, by th i s 'p üb 1 i c net ice, invites
tenders for $1,200,000,000, or thereabouts, ;of 9 1 - d a y T r e a s u r y
bills, for cash and in exchange for Treasury bills maturing
December 1 8 , 1952, :in the amount of $1,202,812, 000, t a be issued
on a discount .basis under competitive and non-competitive bidding
as hereinafter provided.
The bills of this series; will be dated
December l8>¡v3-952, and will mature March 19, 1953> *when, the face
amount will be payable without interest . .They will b e .issued in
bearer form,;QUly, and in denominations
$1> 000, •$.5j 0.00, $10,000,
$100,000, $500,000, and $1,000,000 (maturity v a l u e )..
of
Tenders, will be received at Federal Reserve Banks and
Branches, up to the closing hour, two o ’clock p.rn., Eastern Standard
time, Monday, December 15* 1952.
Tenders will; hot be. received at
the Treasury Department, Wàshington.
E a c h ,ténder: must be ■for an
even multiple of $1,000, and in thé., casé.,ôf competitive tenders the
price'offered must be expressed on the,basis of :100, with not
more than three .decimals, eV g .., 99*925 - Frac ti on s ma y hot be used.
It is urged that tenders be made on the printed forms land forwarded
in. the special envelopes which will be supplied by Federal Reserve
Banks or Branches On application therefor;,
,
^ ; i Others.than banking institutions will not be* permitted to :
submit tenders except for their own accounts- Tenders will b e received w i t h o u t ■deposit from incorporated banks-and trust companies
and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, unless -1110 tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company. .
Immediately after the closing hour, tenders,will be opened at
the Federal Reserve Banks and Branches,, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept o r
reject any or all tender’s, in whole or in part, and his action in
any such respect shall be final.
Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in three decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bahk on December 18, 1952, in cash
or other immediately available funds or in a like face amount of
Treasury bi3.!s maturing December 18, 1952.
Cash and exchange tenders
will receive equal treatment, Cash adjustments will be made for
differences between the par value of maturing bills accepted in
exchange and the issue price of new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treatment,
as such, under t h e .Internal Revenue Code, or laws amendatory or
supplementary thereto.
The bills shall be subject to estate,
inheritance,.gift or other excise taxes, whether Federal or State,
but shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States shall be considered
to be interest.
Under Sections 42 and 117 (a) (l) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of 1941,
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be sold,
redeemed or otherwise disposed of, and such bills are excluded
from consideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued here
under need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or
on subsequent purchase, and the amount actually received either
upon sale or redemption at maturity during the taxable year for whicn
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
lELEASE AFTERNOON NEVISPAPERS
F rid a y , December 1 2 , 1952»
S-
é
"vm
TiffiGG
Secrei
m u
departed
Friday by air to attend the Tenth Session of the North
Atlantic Council in Paris*
The U. S* delegation to the NATO conference
will be composed of Dean Acheson, Secretary of Stated Robert Lovett,
Secretary of Defense,' Averell Harriman, Director for Mutual Security/
and
Secreta]
The comingyoession
will open on Monday, December lf>, and is scheduled to conclude on
Friday, December 19*
Secretary Snyder, who attended previous meetings of the Council
in Ottawa, Rome, and Lisbon, said/ "These meeting|iiave given us a real
opportunity to understand each other* s problems and develop a spirit
of cooperation in solving them*
This has made it possible for us to
move much more effectively toward establishing an unchallangeable
basis of strength for our free world.
**There have been encouraging signs in the past year/iMtesa&ftgr
SSjSlSgai'AlUttlySPthat many countries are determined to face their
difficult financial problems in a realistic manner* Without sound
finance, there cannot be sound economies, and without sound economies,
there cannot be military security.
I am encouraged by the developments
of the past year^ and look forward to discussing the present situation
with ny friends and colleagues in Paris.**
The meeting of the North Atlantic Council will be attended by
the Foreign Ministers, Finance Ministers, and Ministers of Defense of
the fourteen countries participating in the North Atlantic Treaty
Organization.
(a
TREASU RY DEPARTM ENT
Information Service
WASHINGTON,
B42
RELEASE AFTERNOON NEWSPAPERS
Friday, December 12, 1952,
S-3266
Secretary Snyder departed Friday by air to attend the
Tenth Session of the North Atlantic Council in Paris.
The U, S.
delegation to the NATO conference will be composed of Dean Acheson,
Secretary of State; Robert Lovett, Secretary of Defense; Averell
Harriman, Director for Mutual Security; and Secretary Snyder.
The coming session will open on Monday, December 15, and is
scheduled to conclude on Friday, December 19.
Secretary Snyder, who attended previous meetings of the
Council in Ottawa, Rome, and Lisbon, said:
’’These meetings have
given us a real opportunity to understand each o t h e r ’s problems
and develop a spirit of cooperation in solving them.
This has
made it possible for us to move much more effectively toward
establishing an unchallangeable basis of strength for our free
w orld.
’’There have been encouraging signs in the past year that
many countries are determined to face their difficult financial
problems in a realistic manner.
Without sound finance, there
cannot be sound economies, and without sound economies, there
cannot be military security
I am encouraged by the developments
of the past year, and look forward to discussing the present
situation with my friends and colleagues in Paris.”
The meeting of the North Atlantic Council will be attended
by the Foreign Ministers, Finance Ministers, and Ministers of
Defense of the fourteen countries participating in the North
Atlantic Treaty Organization.
oOo
3
a nd e n e r g y that hav e m a r k e d t h eir p a r t i c i p a t i o n
in this v i t a l p h a s e of A m e r i c a ’s e c o n o m i c life
t h r o u g h o u t my tenure as S e c r e t a r y of the T r e a s u r y . ”
M e m b e r s of the M a g a z i n e P u b l i s h e r s ’ A d v e r t i s i n g
Committee
Time,
O/eCs.
in a d d i t i o n to C h a i r m a n B o w e n «aed B e r n a r d Barnes,
Inc.;
F r a n k B r a u cher,
Association,
Publisher,
N e w York;
P r e s ident,
Periodical Publishers
J o h n R. Buckley,
Good Housekeeping,
N e w York;
Vice P r e s i d e n t and A d v e r t i s i n g D i r e ctor,
York;
M a l c o l m Del a c o r t e ,
A r t h u r W. Kohler,
Director,
the C u r t i s P u b l i s h i n g Co.,
Schaefer,
A l b e r t E.
Winger,
Inc.,
Vic e P r e s i d e n t and A d v e r t i s i n g
Philadelphia,
Conde Nast Publications,
N e w York;
Pa.;
N e w York;
Inc., N e w
C h a i r m a n of the Board,
C o l l i e r P u b l i s h i n g Company,
N e w York.
M c C a l l ’s, N e w
M e r e d i t h P u b l i s h i n g Company,
C h e s t e r V a n Tassel,
York;
W i l l i a m B. Carr,
D e l l P u b l i s h i n g Company,
N e w York;
0. G.
Vice P r e s i d e n t and
the C r o w e 1 1 -
Arch Crawford
rnimt nnt
ItHr
"I w a n t to e x p r e s s to you, and t h r o u g h y o u to
the e n t i r e m e m b e r s h i p of the A d v e r t i s i n g C o m m i t t e e
of the M a g a z i n e P u b l i s h e r s * A s s o c i a t i o n , my w a r m
a p p r e c i a t i o n of the s p l e n d i d p u b l i c s p i r i t so m a n i
fest in the C o m m i t t e e ' s p l e d g e of c o n t i n u e d s u p p o r t
f or the U n i t e d S t a t e s S a v i n g s B o n d s Program.
"The a s s u r a n c e s c o n t a i n e d in you r r e cent
letter a d v i s i n g me of the C o m m i t t e e * s a c t i o n c e r t a i n l y
are stim u l a t i n g .
I m u s t s a y ? however, that a f t e r r m a n y y e a r s of c l o s e a s s o c i a t i o n w i t h ^ y o u r grou p ^ I
c a rry r i ^ ? ^ * w î t Î ? ^ ^ ^ S ^ ? s e î S n g t h e i d e a of
thri f t to the A m e r i c a n people.
"The n a t i o n a l m a g a z i n e s f o r w h i c h the C o m m i t t e e s
s p e a k s d e s e r v e the h i g h e s t p r a i s e for t h eir fine
r e c o r d of p u b l i c s e r v i c e as t h rift a d v o c a t e s ? and for
their v e r d i c t as e x p r e s s e d t h r o u g h y o u r C o m m i t t e e that
•We mus t not let down.*
\
"I d e e p l y a p p r e c i a t e the p e r s o n a l r e f e r e n c e s in
\ the r e s o l u t i o n a d o p t e d by the C o m m ittee.
The m o s t
\ g e n e r o u s c o m p l i m e n t that c o u l d be p a i d to me a nd to
I the Treasury, however, is im p l i c i t in the w o r d that
1 the X a 't i o n a l M a g a z i n e s i n tend to d e v o t e to the
S a v i n g s B o n d s P r o g r a m in the f u t u r e the s ame zea l
The enclosure to which Mr. Bowen referred — a le tte r
which he had sent to fellow members of the Magazine Publishers
publishers to reaffirm their b e lie f in the idea of t h r if t , and
said that "We must not le t down.“
o
-S—
/yd
cy^ S ^ ?
>2
T he A d v e r t i s i n g C o m m i t t e e of the M a g a z i n e P u b l i s h e r s *
A s s o c i a t i o n h as n o t i f i e d S e c r e t a r y S n y d e r that the
Association will continue during
1953 its s t a u n c h s u p p o r t
of the U n i t e d S t a t e s S a v i n g s B o n d s Program.
R e n e w a l of the p l e d g e m e a n s that for the e i g h t h
s u c c e s s i v e y e a r n a t i o n a l m a g a z i n e s w i l l b a c k the B o n d
P r o g r a m as t h e i r e x c l u s i v e p u b l i c s e r v i c e u n d e r t a k i n g .
T h i s s u p p o r t h a s r e s u l t e d in an a v e r a g e of m o r e t h a n $ 1 2
m i l l i o n p e r y e a r of S a v i n g s B o n d s a d v e r t i s i n g at n o cost
to the Treasury.
T he p l e d g e w a s c o m m u n i c a t e d to the S e c r e t a r y by
R a y m o n d B. Bowen,
A d v e r t i s i n g D i r e c t o r of Th e N e w Y o r k e r
m a g a z i n e and C h a i r m a n of the A d v e r t i s i n g C o m m i t t e e of
the M a g a z i n e P u b l i s h e r s *
Association.
He wrote:
"At a m e e t i n g of the A d v e r t i s i n g C o m m i t t e e
of the M a g a z i n e P u b l i s h e r s * A s s o c i a t i o n , a
r e s o l u t i o n w a s p a s s e d e x p r e s s i n g thanks and
a p p r e c i a t i o n f r o m the e n t i r e C o m m i t t e e to y ou
p e r s o n a l l y f or y o u r e f f o r t s in b e h a l f of the w e l
fare of the p e o p l e of A m e rica.
We h a v e c o n s i d e r e d
it a p r i v i l e g e to be a s s o c i a t e d w i t h y o u d u r i n g
the p a s t s e v e r a l years, and w e w i s h y ou w e l l in
all of y o u r f u t u r e life.
I
"At the same meeting, we d e c i d e d to c o n
tinue the c o o p e r a t i v e e f f o r t s of all n a t i o n a l
m a g a z i n e s w i t h the T r e a s u r y D e p a r t m e n t in the
p r o m o t i o n of the sale of U n i t e d S t a t e s S a v i n g s
Bonds.
As a m a t t e r of interest, I a m e n c l o s i n g
a copy of a letter w h i c h I sent to all m e m b e r s
a s h o r t time ago.
S c o r e s of r e p l i e s to this
letter h a v e a l r e a d y b e e n r e c e i v e d and a ll a n s w e r
h a v e p l e d g e d c o n t i n u i n g s u p p o r t to the campaign.
T h i s h as b e e n a g r e a t p r o j e c t of b e n e f i t to the
w h o l e country, a nd we hop e it w i l l c o n t i n u e for
m a n y y e a r s to c o m e . "
/
TR EA SU R Y
D EPARTM EN T
Information Service
RELEASE SUNDAY NEWSPAPERS
December 14, 1952_______ _
Wa s h in g t o n ,
S-3267
The Advertising Committee of the Magazine Publishers’
Association has notified Secretary Snyder that the Association
will continue during 1953 its staunch support of the United
States Savings Bonds Program.
Renewal of the pledge means that for the eighth successive
year national magazines will back the Bond Program as their
exclusive public service undertaking.
This support has resulted
in an average of more than $12 million per year of Savings Bonds
advertising at no cost to the Treasury.
The pledge was communicated to the Secretary by Raymond B.
Bowen, Advertising Director of The New Yorker magazine and
Chairman of the Advertising Committee of the Magazine Publishers
Association.
He wrote:
"At a meeting of the Advertising Committee of the
Magazine Publishers’ Association, a resolution was
passed expressing thanks and appreciation from the en
tire Committee to you personally for your efforts in
behalf of the welfare of the people of America.
We
have considered it a privilege to be associated with
you during the past several years, and we wish you well
in all of your future life.
nAt the same meeting, we decided to continue the
cooperative efforts of all national magazines with the
Treasury Department in the promotion of the sale of
United,States Savings Bonds.
As a matter of interest,
I am enclosing a copy of a letter which X sent to all
members a short time ago.
Scores of replies to this
letter have already been received and all answers have
pledged continuing support to the campaign.
This has
been a great project of benefit to the whole country,
and we hope it will continue for many years to come."
The enclosure to which Mr, Bowen referred -- a letter which
he had sent to fellow members of the Magazine Publishers’
Association
called on the publishers to reaffirm their belief
in the idea of thrift, and said that "We must not let down."
2
'648
Secretary Snyder has written Mr. Bowen as follows:
”1 want to express to you, and through you to
the entire membership of the Advertising Committee of
the Magazine Publishers * Association, my warm appreci
ation of the splended public spirit so manifest in the
Committee’s pledge of continued support for the United
States Savings Bonds Program.
"The assurances contained in your recent letter
advising me of the Committee’s action certainly are
stimulating,
I must say, however, that after so many
years of close association with your group, I was
fully prepared for your decision to carry right on
with the job of selling the idea of thrift to the
American people.
"The national magazines for which the Committee
speaks deserve the highest praise for their fine
record of public service as thrift advocates, and for
their verdict as expressed through your Committee that
’We must not let d own.1
"I deeply appreciate the personal references in
the resolution adopted by the Committee.
The most
generous compliment that could be paid to me and to
the Treasury, however, is implicit in the word that
the national magazines intend to devote to the Savings
Bonds Program in the future the same zeal and energy
that have marked their participation in this vital
phase of America’s economic life throughout my tenure
as Secretary of the Treasury."
Members of the Magazine Publishers’ Advertising Committee
in addition to Chairman Bowen are Bernard Barnes, Time, Inc.,*
Prank Braucheig President, Periodical Publishers Association,
New York- John R. Buckley, Vice President and Publisher, Good
Housekeeping, New York; William B. Carr, Vice President and
Advertising Director, Mc C a l l ’s, New York; Malco-lm Delacorte,
Dell Publishing Company, Inc., New York; Arthur W. Kohler, Vice
President and Advertising Director, the Curtis Publishing Co.,
Philadelphia, Pa.; 0. G. Schaefer, Meredith Publishing Company,
New York; Chester Van Tassel, Conde Nast Publications, Inc.,
New York; Albert E. Winger, Chairman of the Board, the CrowellCollier Publishing Company, New York; Arch Crawford, President,
Magazine Publishers’ Association, Inc., New York.
oOo
TREASU RY DEPARTM ENT
Information Service
WASHINGTON,
649
IMMEDIATE RELEASE
Friday, December 12, 1952
S-3268
The Treasury Department today made public
a report of monetary gold transactions with foreign
governments and central banks for the third quarter
of 1952.
U.S. gold sales of $,2.2 million and gold
purchases of f.9 million brought to $1.3 million the
net sale for the third quarter.
In the first three quarters of this year
United,States gold transactions resulted in a net
purchase of $662 million.
A table showing net transactions by country
for the first three quarters of 1952 and calendar 1951
is attached.
DOTTED STATES GOLD TRANSACTIONS WITH FOREIGN COUNTRIES
January 1, 1952 - September 30, 1952, and Calendar 1951
_______ (in millions of dollars at |35 per ounce)_______
B50
Negative figures repre sent net sales by the
United Statesj positive figures, net purchases.#
Country
3rd Quarter
1952
Afghanistan ....
Argentina .....
Belgium .......
Belgian Congo ..
Bolivia .......
Canada ........
Chile ..........
Colombia .......
C u b a ..........
Denmark ........
Dominican Republic .....
Ecuador ........
Egypt ..........
Fiji Islands ...
Finland ........
France ........
Greece ........
Indonesia .....
Lebanon ........
Mexico ..........
Netherlands .•..
P e r u ............
Philippines ....
Portugal .......
Salvador .......
Saudi Arabia ...
Sweden ....... ..
Switzerland ....
Switz er1and-Bank for International Settlements
S y r i a ....... .
.........
South Africa ...
United Kingdom .
Uruguay .........
Vatican City ... «••• •••••
Venezuela ......
All Other ......
Total
*
2nd Quarter #
1952
—
—
—
—
—
—
-&2.0
.3
—
-|6,9
—
—
1.6
-5.2
—
—
—
—
—
—
—
—
—
— :
—
—
—
—
—
1st Quarter #
1952
-$1*9.9
-10.3*
-8.0
—
—
-10.0
-p-17.5
—
—
—
—
—
—
—
—
—
—
-12.3
—
—
—
-1.3
101.1*.
-1.1
11.3
—
—
-—
—
-li.o
—
—
—
—
—
—
—
.3
--
—
2.3
--
7.2
—
—
—
—
—
s
—
22.5
-1.5
-.1
—
—
—
—
—
—
-$1.3
—
—
.h
.h
—
105* 7
awmm
-$2.5
-20,2
—
—
--
Calendar
1951
—
k.3
520.0
10.0
-——
-U.8«17.5
-20.0
-19.7
-8.0
-3.5
-76.0
3.6
-it.8
-20.0#
-10.3
-lt5.o
-5.1*
-60.3#
-1**5
-i5.o
3.5
-3lt. 9
-3.0
-.8
-32.0
-15.0
-30 .it*
-6.3
62.1
U69.9*
22.2#
5.0
-.9
-.2
.1
1557.3
$75.2
* The figures shown for each country for the three quarters of 1952 are both gross
and net. In other words, each individual country engaging in gold transactions
with the U.S, either bought gold from the U.S. or sold gold to it but did not do
both. The country figures for 1951 are also both gross and net except that for
the countries marked with an asterisk, the 1951 figures are the net of their sale
and ourchase transactions with the U.S. during the whole year.
/
RELEASE MOSHIHG HMSPAPSES,
Tuesday» December 16f 1952«
3
* f
y V
the Secretary of the Treasury announced last evening that the tenders for
$1* 200* 000,000* or thereabouts, of 91-day treasury bills to be dated December 18, 1952,
and to mature March 19, 1953# which were offered on December 11, were opened at the
Federal Reserve Banks on December 15«
the details of this issue are as follows!
Total applied for - $1,713,330,000
total accepted
- 1,200,217,000
Average price
(includes $2^0,9^0,000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
- 99.1*60 Equivalent rate of discount approx. 2.138$ per annua
Range of accepted competitive bidet
- 99.555 Equivalent rate of discount approx. 1.760$ per annum
- 99.1*50
*
« « «
»
2.176$ »
*
High
low
(1*1 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
i
|
TOTAL
i .
a.
3 .
18,366,000
1,233,831», 000
35,988,000
37,576,000
22,033,000
31»,636,000
ll»2,063,000
36,120,000
15,qi5,ooo
1*6,701», ooo
1*3,188,000
67,807,000
11,713,330,000
18,366,000
71*1,331»,000
20,988,000
37,576,000
21,738,000
31»,636,000
117,063,000
35,861,000
15,015,000
l»6,70lt,000
1)3,129,000
67,807,000
11,200,217,000
TREASU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
RELEASE M O R N I N G NEWS P A P E R S ,
S -3269
Tuesday, December 3.6, 1952.
652
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills
to be dated December 18, 1952* and to mature March 19* 1953* which
were offered on December 11, were opened at the Federal Reserve
Banks on December 15.
The details of this issue are as follows:
Total applied for - $1,713*330*000
Total accepted
- 1,200,217,000 (includes $240,940,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99*460 Equivalent rate of discount approx.
2.138$ per annum
Range of accepted competitive bids:
- 99.555 Equivalent rate
1 .760$
- 99.450 Equivalent rate
2 .176$
L ow
of discount approx.
per annum
of discount approx.
per annum
(4l percent of the amount bid for at the low pric e wa s accepted)
Federal Reserve
District
Total
Applied for
35,938,000
37,576,000
22 ,033*000
34,636,000
■142,063,000
36,120,000
15 ,015*000
46,704,000
43*188,000
67 ,807,000
$1 ,713 ,330,000
1—I
à*
18 ,366,000
741,334,000
20,988,000
37,576,000
21,738,000
34,636,000
117*063,000
35 *861,000
15*015*000
46,704,000
43 *129*000
67 *807*000
*200*217*000
$
TOTAL
18,366,000
1 ,213 ,834,000
1
1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Accepted
0O0
9
TR EA SU R Y
D EPARTM EN T
Information Service
j i - 'n . 'i"
RELEASE MORNING NEWSPAPERS,
Wednesday., 'November 19», 19b2
/7
During the month of Ootobcr-, 1952
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
Pib, 54-3,5'00, Secretary Snyder announced
today.
oOo
TR EA SU R Y
D EPARTM EN T
Information Service
Wa s h in g t o n , d .c .
RELEASE MORNING NEWSPAPERS,
Wednesday, December 17* 1 9 5 2 .
During the month of November,
S-3270
1952
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
»
$11,696,750, Secretary Snyder announced
today.
0O0
_ j a - 7 y
The¿Treasury Department published in the Federal Register for
September 5, 1952, a notice that it proposed to issue regulations re
quiring information returns with respect to payments of interest
amounting to $100 or more for the year 1953 and subsequent years*
The present regulations require such information returns for payments
of interest amounting to $600 or more.
Pursuant to the Administra
tive Procedure Act, numerous interested persons submitted protests
with respect to the proposed revision*^Secretary of the Treaisury
John W* Snyder announced today that, after consideration of all
relevant matter presented by interested persons, a more detailed
study should be made of the information reporting requirement before
any change is made.
The notice of a proposed change in the regulations,
as published in the Federal Register is, therefore, being withdrawn
pending further study.
Secretary Snyder stated that prior to the enactment of the Revenue
Act of 1951 the $600 figure was prescribed by law.
That Revenue Act
gave the Treasury Department discretion to prescribe the amount which
must be reported.
In exercising that discretion, Secretaiy Snyder
said that the Department is desirous of insuring full consideration of
the results to the revenue from ary proposed change and the burden
which would be imposed on persons making payments of interest.
The
Secretary stated that information submitted in response to the publi
cation of the proposed regulation will be most helpful in making a
further study of all the factors involved.
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C .
656
IMMEDIATE RELEASE,
Tuesday, December
16,
1952.
S-3271
The Treasury Department published in the Federal Register
for September 5* 1952, a notice that it proposed to issue
regulations requiring information returns with respect to p a y
ments of interest amounting to $100 or more for the year 1953
and subsequent years.
The present regulations require such
information returns for payments of interest amounting to $600
or more.
Pursuant to the Administrative Procedure Act, numerous
interested persons submitted protests with respect to the
proposed revision.
Secretary of the Treasury John W. Snyder announced today
that, after consideration of all relevant matter presented by
interested persons, a more detailed study should be made of the
information reporting requirement before any change is made.
The notice of a proposed change in the regulations, as published
in the Federal Register is, therefore, being wtihdrawn pending
further study.
Secretary Snyder stated that prior to the enactment of the
Revenue Act of 1951 the $600 figure was prescribed by law.
That
Revenue Act gave the Treasury Department discretion to prescribe
the amount which must be reported.
In exercising that
discretion, Secretary Snyder said that the Department is desirous
of insuring full consideration of the results of the revenue
from any proposed change and the burden which would be imposed
on persons making payments of interest.
The Secretary stated
that information submitted in response to the publication of
the proposed regulation will be most helpful in making a
further study of all the factors involved.
oOo
- 3 -
tm x
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority»
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest«
Under Sections 1;2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19i|l, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. I|l8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
jjp&Lg-
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for |200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
December 26. 1952 » in cash or other immediately available
--------TtT— --- —
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
December 26. 1952
~"15x
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto,
The bills shall be
TREASURY DEPARTMENT
Washington
y *"" J
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, December 18, 1952
35c
^
7
The Secretary of the Treasury, by this public notice, invites tenders
fo r $1,200»000,000
, or thereabouts, of
90
cash and in exchange for Treasury bills maturing
the amount of $ 1 ,200 ,14.32,000
-day Treasury bills, for
December 26, 1952
, in
ffic -----, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
The bills
of this series will be dated
March 26
terest.
1953
December 26, 1952
, and will mature
s g r ---------, when the face amount will be payable without in-
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, December 22. 1952.
--- —
Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TR EA SU R Y
D EPA RTM EN T
Information Service
WASHINGTON, D .C .
660
RELEASE MORNING NEWSPAPERS,
Thursday, December 18, 1 9 5 2 .
S-3272
The Secretary of the Treasury, by this public notice, invites
tenders for $1,200*000,000, or thereabouts, of 90-day Treasury
bills, for cash and in exchange for Treasury bills maturing
December 26, 1952, in the amount of $1,200,432,000, to be issued on
a discount basis under competitive and non-competitive bidding as
hereinafter provided.
The bills of this series will be dated
December 26, 1952, and will mature March 26, 1953* when the face
amount will be payable without interest.
They will be issued in
bearer form only, and in denominations of $1,000, $5,000, $10,000,
$100,000, $500 ,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m.
Eastern Standard time,
Monday, December 22, 1952
lers will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99.925.
Fractions may not b used.
It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks
or Branches on application therefor.
Others than banking institutions will not be permitted to
submit tenders except for their own account.
Tenders will be
received without deposit from incorporated banks and trust companies
and from responsible and recognized dealers in investment
securities.
Tenders from others must be accompanied by payment of
2 percent of the face amount of Treasury bills applied for, unless
the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids.
Those submitting tenders
will be advised of the acceptance or rejection thereof.
The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action In
any such respect shall be final.
Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
2
(in throe decimals) of accepted competitive bids.
Settlement for
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on December 26 , 1952, in cash
or other immediately available funds or in a like face amount of
Treasury bills maturing December 26, 1952.
Cash and exchange
tenders will receive equal treatment.
Cash adjustments will be
made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not
have any exemption, as such, and loss from the sale or other
disposition of Treasury bills shall not have any special treatment,
as such, under the Internal Revenue Code, or laws amendatory or
supplementary thereto.
The bills shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State,
but shall be exempt, from all taxation now or hereaftex1 imposed on
the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For purposes of taxation the amount of discount at which Treasury
bills are originally sold by the United States shall be considered
to be interest.
Under5 Sections 42 and 11 J (a) (l) of the Internal
Revenue Code, as amended by Section 115 of the Revenue Act of 1941,
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills shall be sold,
redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of
Treasury bills (other than life insurance companies) issued hereunder
need include in his income tax i5eturn only the difference between
the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon
sale or redemption at ftaturlty during the taxable year for which
the return is made, as ordinary gain or loss.
Treasury Department Circular No. 4l3, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
3
"Secretary Acheson has again ably lad the United States Dele
gation and Secretary Lovett and Mr« Harr! man have given him their
experienced and judicious assistance in the work of the Meeting«
The Foreign Minister/ of Denmark, Mr« Kraft, chaired the meetings
with courtesy and skill«
"The Ministers have been honored by the gracious reception ac
corded to them by the French Government and the people of Trance«*
Dictated via long-distance telephone
(Paris) by Judd Polk to E# Hepner
December 18, 1952.
2
realistic manner«
On the basis of this review, military, financial,
and economic decisions and forward planning can be undertaken»
In
the Council's considerations the United States Delegation made clear
the limits of the programs which have been authorized by the United
States Congress»
It has been careful to emphasize that no commit
ments of a financial character outside these limits could be taken«
""
"Beal progrèss has been made in the past two years toward build«
ing a solid foundation for the defense of the West against aggression
by military attack or by political subversion«
A great deal, however,
remains to be done«
"There is much clearer recognition now than a year or so ago that
the only way to reach our goal of unassailable Western security is to
take one step at a time, starting from where we are and making sure that
each step forward is onto solid ground»
"Since the war the Western workthas moved forward by such solid
forward steps»
Broadly, the first forward steps were those which took
the countries of the free world out of the devastation and misery of the
early postwar years»
That led to hope and mutual confidence in place
of despaix^f and dangerous unrest«
The next stage led us through a period
of reconstruction to new high levels of production both in industry and
in agriculture«
The present period is one in which defense demands are
being made on the productive resources and on the financial resources of
all the NATO countries«
"This record of progress in the recovery and expansion of the
W è s t e m world since the end of the war gives us assurance that we will
continue to move forward in strengthening our defenses«
upon the adjournment of the Ministerial Meeting of the North Atlantic
Council, which he has been attending«
i
00f-
_
i last Ministerial Meeting, the organization has been sub*«
stantially strengthened as the result of carrying out the Lisbon deoision to establish ayPermanentCouncil in which highly competent and
responsible representatives of all the member countries remain in con»
tinuous session with Headquarters in Parls0
The American Delegation
was impressed with the evidence it received of the excellent quality of
the representation which Ambassador Draper has provided for the United
States in the Permanent Council*
It was also decided at Lisbon that a
permanent staff be created to contribute to the efficient handling 0f
the work which the organisation has to do*
This staff has been
organized and placed under the able direction of Lord Ismay*
* Because of these improvements in organization the Ministers were
able to focus on the broad problem: namely —
assessing the present
status of the defense program; exchanging appraisals of the current
international situation from the military, political, and economic
points of view; and providing broad guidance for the continuing task
of reconciling the militarily desirable with the economically practi
cable«
"In this current meeting the Council # established lines of
guidance for the completion of the Annual Review of national programs
in the light of NATO objectives after taking account of political and
economic considerations*
While much preparatory work has already been
carried out, the review by the Ministerial Meeting should facilitate
the completion of this review in an orderly, comprehensive, and
6B
IMMEDIATE RELEASE,
Thursday, December lS, 1952.
S-3273
Secretary Snyder made the following statement in Paris today,
upon the adjournment of the Ministerial Meeting of the North
Atlantic Council, which he has been attending:
"Since the last Ministerial Meeting, the organization has
been substantially strengthened as the result of carrying
out the Lisbon decision to establish a permanent council
in which highly competent and responsible representatives
of all the member countries remain in continuous session
with Headquarters in Paris.
The American Delegation was
impressed with the evidence it received of the excellent
quality of the representation which Ambassador Draper has
provided for the United States in the Permanent Council.
It was also decided at Lisbon that a permanent staff be
created to contribute to the efficient handling of the
work which the organization has to do.
This staff has
been organized and placed under the able direction of
Lord Ismay.
"Because of these improvements in organization the
Ministers were able to focus on the broad problem:
namely — assessing the present status of the defense
program; exchanging appraisals of the current international
situation from the military, political, and economic points
of view; and providing broad guidance for the continuing
task of reconciling the militarily desirable with the
economically practicable.
"In this current meeting the Council established lines
of guidance for the completion of the Annual Review of
national programs in the light of NATO objectives after
taking account of political and economic considerations.
While much preparatory work has already been carried out,
the review by the Ministerial Meeting should facilitate
the completion of this review in an orderly, comprehensive,
and realistic manner.
On the basis of this review, military,
financial, and economic decisions and forward planning can
be undertaken.
In the Council's considerations the
United States Delegation made clear the limits of the programs
which have been authorized by the United States Congress.
It
has been careful to emphasize that no commitments of a
financial character outside these limits could be taken.
2
"Real progress has been made in the past two years^
toward building a solid foundation for the defense of the
West against aggression by military attack or by political
subversion.
A great deal, however, remains to be done.
"There is much clearer recognition now than a year or
so ago that the only way to reach our goal of unassailable
Western security is to take one step at a time, starting
from where we are and making sure that each step forward
is onto solid ground.
"Since the war the Western world has moved forward^by
such solid forward steps.
Broadly, the first forward steps
were those which took the countries of the free world out
of the devastation and misery of the early postwar years.
That led to hope and mutual confidence in place of despair
and dangerous unrest.
The next stage led us through a^
period of reconstruction to new high levels of production
both in industry and in agriculture.
The present period
is one in which defense demands are being made on the
1
productive resources and on the financial resources or
the NATO countries.
"This record of progress in the recovery and expansion
of the Western world since the end of the war gives us
assurance that we will continue to move forward in
strengthening our defenses.
"Secretary Acheson has again ably led the United
Delegation and Secretary Lovett and Mr. Harriman have
him their experienced and judicious assistance in the
of the Meeting.
The Foreign Minister of Denmark, Mr.
chaired the meeting with courtesy and skill.
States
given
work
Kraft,
"The Ministers have been honored by the gracious
reception accorded to them by the French Government and the
people of France.V
0 O0
■ Ay /% /?<» *-
S - J - O - 'i
j!ropQ5iu|t^^
Fran k Dow, C om m issioner o f C ustom s, to d a y announced r e g u la t io n s
ch an gin g methods h it h e r t o fo llo w e d in d e te rm in in g th e " c le a n c o n te n t"
o f im p o rted wool and h a i r , th e b a s i s upon which d u t ie s on th e se com
m o d itie s a r e a s s e s s e d .
The new procedures are effective immediately.
Their purpose is
to bring Customs practices into line with recent court decisions hold
ing that the term, "clean content," as employed in the Tariff Act of
1930* was intended by Congress to mean "commercial yield" of imported
wool, that is taking into account the loss of fibers through com
mercially applied cleaning processes as well as the weight of grease
and foreign material present.
The new procedures set up,by formula, allowances to cover esti
mated fiber losses in processing various types of wool and
hair.
As
finally issued, they also provide that importers may elect to submit
proof of actual, irrecoverable losses of wool and hair fibers resulting
from commercial cleaning operations, in lieu of the Customs estimate
by formula.
While the new regulations are of general application, their
greatest impact will be on the assessment of duties on burry wools,
those containing a large amount of vegetable matter and requiring
additional cleaning operations.
The Bureau of-Customs gave notice on September 9> 1952, by publica
tion in the Federal Register, that it had under consideration changes in
the practices followed in determining clean content of wool and hair
importations.
Mr. Dow said the regulations issued today were drafted
after careful consideration of representations made by various trade
interests.
Text of the new regulations, identified as Treasury Decision
53159, appear in the Federal Register of Friday, December 19 , 1952.
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C.
667
IMMEDIATE RELEASE,
Friday, December 19*
1952.
S-327^
Frank Dow, Commissioner of Customs, today announced regulations
changing methods hitherto followed in determining the "clean
content" of imported wool and hair, the basis upon which duties
on these commodities are assessed.
The new procedures are effective immediately.
Their purpose
is to bring Customs practices into line with recent court
decisions holding that the term, "clean content," as employed in
the Tariff Act of 1930, was intended by Congress to mean
"commercial yield" of imported wool, that is taking into account
the loss of fibers through commercially applied cleaning
processes as well as the weight of grease and foreign material
present.
The new procedures set up, by formula, allowances to cover
estimated fiber losses in processing various types of wool and
hair.
As finally issued, they also provide that importers may
elect to submit proof of actual, irrecoverable losses of wool and
hair fibers resulting from commercial cleaning operations, in lieu
of the Customs estimate by formula.
While the new regulations are
of general application, their greatest impact will be on the
assessment of duties on burry wools, those containing a large
amount of vegetable matter and requiring additional cleaning
operations.
The Bureau of Customs gave notice on September 9* 1952, by
publication in the Federal Register, that it had under consid
eration changes in the practices followed in determining clean
content of wool and hair importations.
Mr, Dow said the
regulations issued today were drafted after careful consideration
of representations made by various trade interests.
Text of the
new regulations, identified as Treasury Decision 53159* appear in
the Federal Register of Friday, December 19* 1952.
oOo
w am m
m
Tuesday, D&ee&ber 23« 19$2»
of Ä
fh »
$1*200,000,000» o r
tre asu ry snnounesd l a s t sYsntng th at tb s l « i i i ? l f a r
n w m *J m & *s
and to satu ro i M s 26» 1 Ä
Federal fissa r *» H ä
on
o f 90-day treasu ry M Ä to to» dated B tessb er 26, 19$,
«Ä k «
d ssä st
|¡fdetails of ltd.» issu» @ m
o ffe re d on Be©«a¡3*r Ü f ware opened a t ih»
22,
m fonassi
total applied for - fl»?7h*9$2#OO0
t o t a l assepfeed
*
Average
m
P **® *
1,200,112,000
$222,296,000 sn isre d oa a
iK avooopotltlvo b a s is and asospted in
f u l l a t tlis av aras» ir l o s É H balo»)
^ * U t l Equivalant r a t * o f diaeou at ap p ro *. 2*2261 por asaro*
äanss o f aeosptsd
( ix m t e é # *
tèda»
22*b2$ feutraient rats of dissonai appro*. 2*00^ per m s m
Hl#
to*
$9+k¡$
(27
p m m sk
*
«
»
*
**.
f.2ip
•
»
o f tbs asDunt b id fo r a t tb s lo s ir l o s was aoosptsd)
total
Foderai Basarle
to ta l
AOOapted
o la tr lo t
§
Boston
Se* B Ä
■ M . j i O
1,212,620,000
30 .891.000
Hiiladslphla
Cleveland
Richmond
A tlan ta
Ä Ä fö e »
67?. 130,000
25,71(1,000
62.500.000
62,500,000
19,11(8,000
19,373,030
19,11(0,000
19,373,000
123,61(3,000
178.6li3.OQO
flhl&aga
at« t o l a
i
ijjff. n r r a a j r M i l l m
66,930,000
«,31(9,0»
Kansas City
pfti&gg
sut fmm&m1
®
«,930,000
«,31(9,000
X
T0S/UU
|l»77l(*952,000
000
$1,200,112,000
GG9
RELEASE M O R N I N G N E W S PAPERS,
Tuesday, December 235 1952.
S-3275
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000,000, or thereabouts, of 90-day Treasury bills
to be dated December 26, 1952, and to mature March 26, 1953; which
were offered on December 18, viere opened at the Federal Reserve
Banks on December 22.
The details of this issue are as follows:
Total applied for - $1;774,952,000
1,200,112,000 (includes $222,996,000
Total accepted
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
99.443 Equivalent rate of discount approx.
2 .228 $ per annum
Range of accepted competitive bids:
99*498 Equivalent rate of discount approx,
2 .008 $ per annum
99.433 Equivalent rate of discount approx,
High
Low
2 .2 6 8 $ per annum
(97 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
30,891,000
24,221,000
699,130,0,00
25.741.000
62 ,500,000
62.500.000
19.148.000
19,373;000
178,643,000
35;575 ;000
14.647.000
66 .930.000
45.349.000
19.148.000
19.373.000
123,643,000
35.575.000
14.647.000
64.855.000
64.855.000
$1,774,952,00Ç
$1,200,112,000
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
24,421,000
1 ,212 ,620,000
TOTAL
Total
____ Accepted
$
65,930,-eoo
45.349.000
- 3 -
m m
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
Imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1|2 and 11? (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19lfL, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. Ifl8, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
-
2
-
m m
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
January 2. 19B3
s in cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
January 2. 19£3
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
»
K X K m m
m m
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, December 2b3 1952
*
J
-
3
2—
1
i
m r
The Secretary of the Treasury, by this public notice, invites tenders
$ 1,200,000,000
, or thereabouts, of
90
cash and in exchange for Treasury bills maturing
the amount of $1,199,990*000
-day Treasury bills, for
januarv 2. 1951
» to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
, in
January 2, 1953
The bills
, and will mature
when the face amount will be payable without in
terest.
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. December 29, 1952.
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TREASURY DEPARTMENT
Information Service
WASHINGTON, D .C.
673
RELEASE MORNING NEWSPAPERS,
Wednesday, December 2 4 , 1 9 5 2 .
S-3276
The Secretary of the Treasury, by this public notice, invites
tenders for . $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 90-day Treasury bills,
for cash and in exchange for Treasury bills maturing January 2 , 1953^
in the amount of $1,199,990,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter
provided. The bills of this series will be dated January 2 , 1953/
and will mature April 2 , 1953, when the face amount will be payable
without interest. They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and
$1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o*clock p.m., Eastern Standard time,
Monday, December 29, 1952. Tenders will not be received at the
Treasury Department, Washington. Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g., 99*925. Fractions may not be used. It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than banking institutions will not be permitted to submit
tenders except for their own account. Tenders will be received
Without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities. Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour, tenders will be opened at
the Federal Reserve Banks and Branches, following which public
announcement will be made by the Secretary of the Treasury of the
amount and price range of accepted bids. Those submitting tenders
will be advised of the acceptance or rejection thereof. The
Secretary of the Treasury expressly reserves the right to accept or
reject any or all tenders, in whole or in part, and his action in
any such respect shall be final. Subject to these reservations,
non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price
(in three decimals) of accepted competitive bids. Settlement for
2
accepted tenders in accordance with the bids must be made or
completed at the Federal Reserve Bank on January 2* 1953 s in^cash or
other immediately available funds or in a like face amount of
Treasury bills maturing January 2* 1953.
Cash and exchange tenders
will receive equal treatment.
Cash adjustments will be made for
differences between the par value of maturing bills accepted in
exchange and the issue price of the new bills.
The income derived from Treasury bills* whether interest or
gain from the sale or other disposition of the bills* shall not
have any exemption* as such* and loss from the sale or other.:
disposition of Treasury bills shall not have any special treatment*
as such* under the Internal Revenue Code* or laws amendatory, or
supplementary thereto.
The bills shall be subject to estate*
inheritance* g'ff'b or other excise taxes* whether Federal or State*
but shall be exempt from all taxation now or hereafter imposed.on
the principal or interest thereof by any State* or any of the.
possessions of the United States* or by any l o c a l .taxing authority,
For -purposes of taxation the amount of discount at' which.Treasury
bills are originally sold by the United States shall be considered
to be interest.
Under Sections 42 and 117 (a) (l) of the Internal
•Revenue Code* as amended by Section 115 of the Revenue Act. of 1941*
the amount of discount at which bills issued hereunder are sold
shall not be considered to accrue until such bills «shall be sold*
redeemed or otherwise disposed of* and such bills are. excluded from
consideration as capital assets.
Accordingly* theoowner of Treasury
bills (other than life insurance companies) Issued hereunder need
include in his income tax return only the difference between the
price!paid for such bills* whether on original issue or on subsequent
purchase* and the amount actually received either upon sale-or
redemption at maturity during the taxable year for which the return
is made* as .ordinary gain or loss.
Treasury Department Circular No. 4l8* as amended* and this
notice* prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
PRESS RELEASE
The Treasury Department today announced the incorporation into
the Foreign Assets Control Regulations of lists of merchandise in
connection with the importation of which Foreign Assets Control
licenses have, for some time, been required* A few changes have also
been made in the lists*
Previously the Regulations specified that licenses were required
in connection with goods of Communist Chinese or North Korean origin
but lists of specific merchandise affected by the licensing require
ment were not set forth in the Regulations* The lists were dis
seminated through Bureau of Customs Circular Letters which, in
addition to their ordinaiy circulation, were sent directly by the
Foreign Assets Control to importers, banks, trade associations and
other interested persons and organizations*
The import restrictions are a part of the Foreign Assets Control
program for prohibiting trade and financial transactions with
Communist China and North Korea* One of the major aspects of the
program is to prevent those countries from obtaining foreign exchange
through the sale of their products to this country directly or in
directly* The Treasury Department *s original action in listing
specific types of merchandise in connection with which import licenses
are required was taken after observing that typically Chinese goods
were beginning to enter the United States in significant volume under
false descriptions of country pf origin*
The amendment was effected by the addition of sections $00,204,
500*$36, $00*$37 and $00*$38, and by the revision of section $00*808
of the Regulations*
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C.
B75
IMMEDIATE RELEASE,
Wednesday, December 24, 19 5 2 .
S -3277
The Treasury Department today announced the incorporation
into the Foreign Assets Control Regulations of lists of merchandise
in connection with the importation of which Foreign Assets Control
licenses have* for some time, been required.
A few changes have
also been made in the lists.
Previously the Regulations specified that licenses were
required in connection with goods of Communist Chinese or
North Korean origin but lists of specific merchandise affected by
the licensing requirement were not set forth in the Regulations.
The lists were disseminated through Bureau of Customs Circular
Letters which, in addition to their ordinary circulation, were
sent directly by the Foreign Assets Control to importers, banks,
trade associations and other interested persons and organizations.
The import restrictions are a part of the Foreign Assets
Control program for prohibiting trade and financial transactions
with Communist China and North Korea.
One of the major aspects of
the program is to prevent those countries from obtaining foreign
exchange through the sale of their products to this country
directly or indirectly.
The Treasury Department *s original action
in listing specific types of merchandise in connection with which
import licenses are required was taken after observing that
typically Chinese goods were beginning to enter the United States
in significant volume under false descriptions of country of origin.
The amendment was effected by the addition of sections
500.204,500.536, 500.537 and 500.538, and by the revision of
section 500.808 of the Regulations.
0O0
5 - 3
I M
j’ L é t * i//
¡¿Û^â^pS^AA./<£Cf
/ i u
s
7
7^
« M
S e c r e t a r y of t h e T r e asury/^announced/today the ame n d m e n t
of r e g u l a t i o n s of t h e T r e a s u r y D e p a r t m e n t reflating to the
enrollment and d i s b a r m e n t of p r a c t i t i o n e r s / b y consol idat i^ry in
one o f f icer the f u n c t i o n s h e r e t o f o r e c a r r i e d out separately by
the C o m m i t t e e on P r a c t i c e and the A t t o r n e y for the G o v e r n m e n t ,
T h e officer w i l l be k n o w n as the D i r e c t o r of Practice,
T h i s a m e ndment will c a r r y out the r e c o m m e n d a t i o n m a d e by
the King S u b c o m m i t t e e in its report r e l e a s e d to»
4
s foilows;
f,T h e S u b c o m m i t t e e r e c o m m e n d s that the T r e a s u r y
/
D e p a r t m e n t end t h i s d i v i s i o n of r e s p o n s i b i l i t y and
a u t h o r i t y for a d m i n i s t r a t i o n of the p r a c t i t i o n e r
program.
The S e c r e t a r y s h ould d e s i g n a t e one full
time offic i a l of the T r e a s u r y w h o s e job it w o u l d be
to e s t a b l i s h the q u a l i f i c a t i o n s for e n r o l l m e n t and
to m a k e sure that all p r a c t i t i o n e r s meet such r e q u i r e
ments, b o t h at the t i m e of e n r o llment a nd t h e r e a f t e r . ”
The
amendment w i l l
be p u b l i s h e d
in the Federal
R e g i ster,
T he staff of the D i r e c t o r of P r a c t i c e to assist h i m to
control e n r o l l m e n t and e n f o r c e d i s c i p l i n a r y a c t i o n w i l l be
a u g m e n t e d w i t h i n the limits of a v a i l a b l e a p p r o p r i a t i o n s .
T h e T r e a s u r y D e p a r t m e n t w i l l r e c o m m e n d to the C o n g r e s s
the grant of additional legi s l a t i v e a u t h o r i t y n e c e s s a r y to
d i s c h a r g e m o r e e f f e c t i v e l y the f u n c t i o n s of t h e D i r e c t o r of
Practice.
A n e x a m p l e is the present lack of s u b p o e n a power
to compel the a t t e n d a n c e of w i t n e s s e s to t e s t i f y in disbarment
p r o c e e d i n g s and the lack of a u t h o r i t y to p a y travel e x p e n s e s
to such w i t n e s s e s .
F u r ther a m e n d m e n t of the r e g u l a t i o n s governing p r a c t i c e
before the T r e a s u r y D e p a r t m e n t is in process.
T h e other
r e c o m m e n d a t i o n s and sugg e s t i o n s of the King Jgunmrffr'Cfre w il l be
c o n s i d e r e d in c o n n e c t i o n w i t h these f u r t h e r ' p r o p o s e d amendments.
/
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON,
677
RELEASE MORNING NEWSPAPERS
F r id a y , December 26, 19£2
S-3278
S e c r e t a r y o f th e T re a su r y John W. Snyder announced to d a y th e amend
ment o f r e g u l a t i o n s o f th e T re a su ry Departm ent r e l a t i n g to th e e n ro llm e n t
and d isb arm en t o f p r a c t i t i o n e r s b e fo r e th e T r e a s u r y , by c o n s o lid a t in g in
one o f f i c e r th e fu n c tio n s h e r e to fo r e c a r r i e d o u t s e p a r a t e l y by the
Committee on P r a c t i c e and th e A tto rn e y f o r th e Governm ent. The o f f i c e r
w i l l be known a s th e D ir e c t o r o f P r a c t i c e .
T h is amendment w i l l c a r r y o u t th e recom m endation made by th e King
Subcom m ittee in i t s r e p o r t r e l e a s e d F r id a y , a s f o ll o w s :
nThe Subcom m ittee recommends t h a t th e T re a su ry Departm ent
end t h i s d i v i s i o n o f r e s p o n s i b i l i t y and a u t h o r it y f o r a d m in is
tration o f th e p r a c t i t i o n e r program . The S e c r e t a r y sh o u ld
d e s ig n a t e one f u l l tim e o f f i c i a l o f th e T re a su r y whose jo b i t
would be to e s t a b l i s h th e q u a l i f i c a t i o n s f o r en ro llm e n t and to
make su r e t h a t a l l p r a c t i t i o n e r s meet su ch r e q u ir e m e n ts, bo th
a t th e tim e o f en ro llm e n t and t h e r e a f t e r « ”
The amendment w i l l be p u b lis h e d in th e F e d e r a l R e g i s t e r *
The s t a f f o f th e D ir e c t o r o f P r a c t i c e to a s s i s t him to c o n t r o l
e n ro llm en t and e n fo rc e d i s c i p l i n a r y a c t i o n w i l l be augm ented w ith in th e
lim it s o f a v a ila b le a p p r o p ria tio n s.
The T re a su ry Departm ent w i l l recommend t o th e C o n g ress the g r a n t
o f a d d i t i o n a l l e g i s l a t i v e a u t h o r it y n e c e s s a r y to d is c h a r g e more e f f e c t i v e l y
th e fu n c tio n s o f th e D ir e c to r o f P r a c t ic e « An exam ple i s th e p r e s e n t la c k
o f subpoena power to compel th e a tte n d a n c e o f w itn e s s e s t o t e s t i f y in
d isb arm en t p ro c e e d in g s and th e l a c k o f a u t h o r it y to pay t r a v e l e x p e n se s
to such w it n e s s e s .
F u rth e r amendment o f th e r e g u l a t i o n s g o v e rn in g p r a c t i c e b e fo r e th e
T re asu ry D epartm ent i s in p r o c e s s . The o th e r recom m endations and su g
g e s t io n s o f th e King Subcom m ittee w i l l be c o n s id e r e d in c o n n e c tio n w ith
th e se f u r t h e r p ro p o se d amendments®
oOo
beiease; morning newspa p e r s ,
3
/
7
Tuesday, December 30, 1952»
The secretary of the Treasury announced, last evening that the tenders for
$1,200,000, (XX), or thereabouts, of 90-day Treasury bills to be dated January 2 and to
mature April 2,
1953, idiieh were offered on December 2k, were opened at the Federal Re
serve Banks on December 29*
The details of this Issue are as felloes*
Total applied for - $2,098,195,000
Total accepted
* 1,200,662,000
Averago price
(includes $209,305,000 entered on a
non-competitive basis and accepted in
full at the average price sheen below)
- 99*k$2/ Equivalent rate of discount approx. 2*193$ per annua
Range of accepted competitive bids*
High
bow
(Accepting two tenders totalling $500,000)
- 99*3*63 Equivalent rate of discount 2,12|d$ per annum
- 9?*Ui?
*
*
*
«
2*212$ •
*
(22 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
A l l i e d for
Total
Accepted
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
t
t
TOTAL
22,867,000
If i W h 699*000
33,372,000
31*.1*86,000
19,54*0,000
23,61*9,000
523,327,000
59,127,000
9,718,000
52,510,000
32,1*65,000
112,0 35,0 0 0
12,098,195,000
19.U7.000
558,371*, ooo
15,772,000
28,91*6,000
18,550,000
16,799,000
31%,1*57,000
1*3,1*07,000
9,368,000
37,680,000
21*,525,000
33,667,000
$1,200,662,000
679
RELEASE MORNING NEWSPAPERS,
Tuesday, December 30, 1 9 5 2 .
S-3279
The Secretary of the Treasury announced last evening that the
tenders for $1,200,000,000, or thereabouts, of 90-day Treasury bills
to be dated January 2 and to mature April 2, 1953, which were offered
on December 24, were opened at the Federal Reserve Banks on
December 29.
The details of this issue are as follows;
Total applied for - $ 2 , 0 9 8 , 1 9 5 , 0 0 0
Total accepted
1 ,200,662,000 (includes $ 209,365,000
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99.452/ Equivalent rate of discount approx.
2 .191 % per annum
Range of accepted competitive bids:
High
(Excepting two tenders
totalling $500,000)
- 99.463 Equivalent rate of discount 2.148%’
per1 annum
- 99.447 Equivalent rate of discount 2.212%
per annum
Low
(22 percent of the amount bid for at the low price was' accepted
Federal Reserve
District
Total
Applied for
$
0O0
19 ,117,000
558 ,374,000
1 5 ,772,000
28,946 ,000
18,550,000
16 ,799,000
394,457,000
43,407,000
O
O
$2,098,195,000
$
O
TOTAL
22,867,000
1,244,699,000
33,372,000
34,486,000
19 ,940,000
23,649,000
523,327,000
59,127,000
9,718,000
52 ,510,000
32,465,000
42,035,000
CO
00
cn
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Accepted
37 ,680,000
24,525,000
33 ,667,000
$1 ,200,662,000
- 3 XW M C
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1|2 and 117 (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19iil, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. I4I 8 , as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions of
their issue.
Copies of the circular may be obtained from any Federal
Reserve Bank or Branch.
-
2
-
m m
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
TTa^nflrv 8, 1 9 ^
> in cash or other immediately available
Ja n u a r y 8 . 1 9 ^
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived, from Treasury bills, whether interest or gain frq$
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto.
The bills shall be
»
m x K c m
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, December 31, 1952
'
The Secretary of the Treasury, by this public notice, invites tenders
fcr ^-1^00^000*000 j or thereabouts, of
91 -day Treasury bills, for
:ÌXX, *
''V.,r•
*
>
cash and in exchange for Treasury bills maturing January 8« 1953
, in
the amount of $ l.liOO,115.000 » to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
of this series will be dated
The bills
January^ 8^ 1953______ , and will mature
¿¿Sty
9
terest.
* 1953
j when the face amount will be payable without in
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000,' and $1,000,000 (maturity value),
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, January 5, 1953.
*
m
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925*
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
RELEASE M O R N I N G NEWS P A P E R S ,
-
Wednesday, December 31* 3-952.
S-3280
The Secretary of the Treasury, by;- this public notice, invites
tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills,
for cash and in exchange for Treasury bills maturing January 8, 1953*
in the amount of $1,400,115,000, to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter provided.
The bills of this series will be dated January 8, 1953> and will
mature April 9* 1953* when the face amount will be payable without
interest.
They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $500 ,000 , and
$1,000,000 (maturity value),
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour two o'clock p.rn., Eastern Standard time,
Nonday, January 5* 1953»
Tenders will not be received at the
Treasury Department, Washington.
Each tender must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than .
three decimals, e. g., 99.925,
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
^ranches on application therefor’.
Others than banking institutions will not be permitted to submit
tenders except for their own account.
Tenders will be received
Without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour’, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announce
ment will be made by the Secretary of the Treasury of the amount and
price range of accepted bids.
Those submitting tenders will be
advised of the acceptance or rejection thereof.
The Secretary of
the Treasury expressly reserves the right to accept or reject any or
all tenders, in whole or in part, and his action in any such respect
shall be final.
Subject to these reservations, non-competitive
tenders for $200,000 or less without stated price from any one
bidder will be accepted in full at the average price (in three
2
decimals) of accepted competitive bids.
Settlement for accepted
tenders in accordance with the bids must be made or compJ.ee a
the Federal Reserve Bank on January 8, 1953, in cash or
immediately available funds or in a like face amount of Treasury
bills maturing January 8, 1953*
Cash and exchange tenders will
receive equal treatment.
Cash adjustments will be made tor
differences between the par value of maturing bills accepted in
exchange and the issue price of the new bills.
other
The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r e s t or
g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills, shall not have
a n y exemption, as such, a n d loss f r o m the sale or o t h e r d i s p o s i t i o n
of T r e a s u r y b i l l s shall not hav e a n y special treatment, as such,
u n d e r the I n t ernal R e v e n u e Code, or laws a m e n d a t o r y or s upplementary
thereto.
The b i l l s shall be s u b ject to estate, inheritance, gift or
o t h e r excise taxes, w h e t h e r F e d e r a l or State, b ut shall be exempt
f r o m all t a x a t i o n n o w or h e r e a f t e r I m p o s e d o n the p r i n c i p a l or
i n t e r e s t t h e r e o f b y a n y State, or a n y of the possession,:), of the
U n i t e d States, or b y a n y local t a x i n g authority.
F o r p u r p o s e s of
t a x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y b i l l s are
o r i g i n a l l y sold b y the U n i t e d States shall be c o n s i d e r e d to
®
interest.
U n d e r S e c t i o n s 42 a nd 117 (a) (l) of the In t e r n a l Revenue
Code, as a m e n d e d b y S e c t i o n 1 1 5 of t he R e v e n u e Act of 1 9 U , the
amount of discount at which bills issued hereunder are sold shall
not be considered to accrue until such bills shall be sold, redeemed
or otherwise disposed of, and such^bills are e x c l u d e d f r o m consideration as capital assets.
Accordingly, the o w n e r of T r e a s u r y bills
(other than life insurance companies) issued hereunder need include
in his income tax return only the difference between the price paid
for such bills, whether on original issue or on subsequent purchase,
at
and the amount actually received either upon .sale or redemption
,
as
maturity during the taxable year for which the return is made .
ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from-any Federal Reserve Bank or Branch.
oOo
A change in the method of production
and $5 United States notes and
$5 and $10 silver certificates, to standardize the physical appearance of United
States paper money and, -when a new Secretary or a new Treasurer is appointed, to
J
expedite the issuance of notes carrying the new facsimile signatures, was approved
by Secretary Snyder today.
The $2 and $5 United States notes carry a red seal, and the $5 and $10 silvercertificates a blue seal.
Heretofore, the plates used for printing these issues included the engraved
facsimile signatures of the Secretary of the Treasury and the Treasurer of the
United States.
Whenever one of these officers was changed, it was necessary to
re-engrave the plates with new signatures.
Under the proposed change, facsimile
signatures will be overprinted on the face of the notes simultaneously with the
seal and serial number., making re-engraving unnecessary.
This simplified method is already is use on $1 silver certificates of the
series of 1935 and on green-seal Federal Reserve notes of all denominations of
the series of 1950, which has resulted in savings at the Bureau of Engraving and
Printing.
The faces of the bills will be changed to conform to the 1935 series $1
silver certificates.
The only noticeable changes in the appearance of the bills
will be that the serial numbers and the colored Treasury seal will be smaller and
a large shaded denominational numeral will be inserted to the left of the oval
portrait.
The backs of the bills will not be changed.
Work on the change will begin at once, and it is expected that the first
finished bills will be shipped to banks about February 1, 1953.
G85
RELEASE MORNING NEWSPAPERS
Friday5 January 2, 1953
S-3281
A change in^the method of production of $2 and
United States notes
and 4>5 and $5X0 silver certificates, to standardize the physical appearance
of United States paper money and, when a new Secretary or a new Treasurer
is appointed; to expedite the issuance of notes carrying the new facsimile
signatures, was approved by Secretary Snyder today*
The $2 and %$ United States notes carry a red seal, and the $5 and
$10 silver certificates a blue seal*
Heretofore; the plates used for printing these issues included the
engraved facsimile signatures of the Secretary of the Treasury and the
Treasurer of the United States« Whenever one of these officers was changed,
it was necessary to re^engrave the plates with new signatures* Under the
proposed change, facsimile signatures will be overprinted on the face of
the nobes simultaneously with the seal and serial number, making reengraving unnecessary*
This simplified method is already in use on $1 silver certificates
of the series of 1935 and on green*»seal Federal Reserve notes of all
denominations of the series of 1950, wWLoh has resulted in savings at the
Bureau of Engraving and Printing*
The faces of the bills will be changed to conform to the 1935 serio«
$1 silver certificates« The only noticeable changes in the appearance of
the bills will be that the serial numbers and the colored Treasury seal
will be smaller and a large shaded denominational numeral will be inserted
to the left of the oval portrait* The backs of the bills will not be?
changed*
Work on the change will begin at once, and it is expected that the
first finished bills will be shipped to banks about February 1, 1953«
oOo
— *
RELEASE MORNING NEWSPAPERS,
3^
cf<2~
Tuesday* January 6* 1953*
The Secretary of the Treasury announced last evening that the tenders for
$1*1^000,000, or thereabouts, of 91-day Treasury bills to be dated January 8 and to
mature April 9, 1953# which ware offered on December 31, 1952, were opened at the
Federal Reserve Banks on January I*
The details of this issue are as follows;
Total applied for - $2,058,616,000
Total accepted - 1,1*00,231,000
(includes $233,886,000 entered on a
noncompetitive basis and accepted in
full at the average price shown below)
Average price
- 99*1*98 Equivalent rate of discount approx, 1*986$ per annum
Range of accepted competitive bidsI (Excepting one tender of $50,000)
High
- 99*525 Equivalent rate of discount approx, 1*879$ per annum
Low
- 99*1*93
»
* •
*
» 2.006$ • »
(58 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
$ 21*,691*,000
i»Mi,ij3a,o80
1*7,552,000
51*.157,000
19 ,299,000
35,1*65,000
263,113,000
33,610,000
13,172,000
53,813,000
67,1*10,000
56,899,000
TOTAL #2,058,616,000
Total
Accepted
# 22,81*1*,000
821,887,000
31,822,000
33,757,000
17,789,000
32,815,000
226,213,000
31*990,000
12,672,000
50,693,000
60,850,000
56,899,000
#1,1*00,231,000
TR EA SU R Y
D EPARTM EN T
Information Se rv ice
WASHINGTON, D .C
687
R E L EASE KÖRITING N EWSPAPERS,
S-3232
Tuesday, January 6, 1953«
The Secretary of the Treasury announced last evening that the
tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills
to be dated January 8 and to mature April 9, 1953s which were offered
on December 31, 1952, were opened at the Federal Reserve Banks on
January 5 .
The details of this issue are as follows;
Total applied for - $2,058,616,000
1,400,231,000 (includes $ 233,886,000
Total accept«
entered on a non-competitive
basis and accepted in full
at the average price shown
below)
Average price
- 99.498 Equivalent rate of discount approx.
1 .986$ per annum
Range of accepted competitive bids:
(Excepting one tender of
$50,000")
- 99,525 Equivalent rate
1 .879$
- 99.4-93 Equivalent rate
2 .006$
High
Low
of discount approx.
per annurip
of discount approx.
per annum
(58 percent of the amount bid for at the low price was accepted)
Total
Applied for
Federal Reserve
District
$
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
24,694,000
1 ,404,432,000
47 ,552,000
34 ,157,000
19 ,299,000
35 ,465,000
263,113,000
38,610,000
1 3 ,172,000
53 ,813,000
67 ,410,000
56 ,899,000
$2 ,058,616,000
0Ö0
Total
Accepted
$
22,844,000
821 .887,000
3 1 ,822,000
33,757,000
I T ,789,000
32 .815,000
226,213,000
31,990,000
12,672,000
50,693,000
60,850,000
56,899,000
$1,400,231,000
BUQQE3 TBD "IBSLBAflE
S
-
- Z J
’
% /<?'rS
r ¿ r
/
Gerald T. Smotners, of Albuquerque, New Mexico, President of the
u*
^
Bank of New Mexico, has been appointed.Chai
of the U. S. Treasury
y
A
Advisory Committee on Savings Bonds in that State^by Jut 1ULilly uf LUv
Taensmiji Jnlm W. Snyder.
Mr* Smothers succeeds the late George M. Bloom,
who was President of the First National Bank of Santa Fe0
In announcing the appointment, Secretary Snyder said: MThe success
of our program is assured by leaders of the stature of Mr. Smothers.
and <mm entire department welcomes him*”
A
A *■
Mr* Smothers was born in Ridgeway, Missouri.
After graduation
from the Ridgeway public schools he attended Missouri University and
is a graduate of the American Institute of Banking and of Central
Business College*
Mr. Smothers served, after graduation, in various responsible
positions in mid-west banks including j Omaha (Neb.) National Bank, Bartley
Trust Co., St. Joseph, Mo.; Farmers National Bank, Ridgeway, Mo.; Central
Surety and Insurance Co., Kansas City, Mo.;
President, Manufacturers
and Mechanics Bank, Kansas City, Mo.; Examiner, State Banking Department
of Missouri, and Executive Vice President, Merchants Bank, Kansas City,
Mo.
He eeu»o to Albuquerque in 1951*
A
Among his many affiliations are:
Masonic Shrine, Skyline Country
Club, Past President, Optimist Club of Kansas City, foimer member of the
Advertising Club and the Lions Club, Kansas City.
assisted in ^cvove^L
fund rwisriHif—1
He has conducted and
in Kansas City*
He was
recently invited to conduct a graduate course in banking at the University
of New Mexico*
TR EA SU R Y
D EPARTM EN T
Information Service
IMMEDIATE RELEASE,
Thursday, January 8, 1953.
S -3 2 8 3
Gerald T. Smothers, of Albuquerque, New Mexico, President of
the Bank of New Mexico, has been appointed by Secretary of the
Treasury John W. Snyder to be Chairman of the U. S. Treasury
Advisory Committee on Savings Bonds in that State.
Mr. Smothers
succeeds the late George M. Bloom, who was President of the First
National Bank of Santa Fe,
In announcing the appointment, Secretary Snyder said:
’’The
success of our Savings Bonds program is assured by leaders of the
stature of Mr. Smothers, and the entire Treasury Department
welcomes him."
Mr. Smothers was born in Ridgeway, Missouri.
Aftetf graduation
from the Ridgeway public schools he attended Missouri University
and is a graduate of the American Institute of Banking and of
Central Business College.
Mr. Smothers served, after graduation, in various responsible
positions in mid-west banks including; Omaha (Neb.) National Bank,
Bartley Trust Company, St. Joseph, Missouri; Farmers National Bank,
Ridgeway, Missouri; Central Surety and Insurance Company, Kansas
City, Missouri; President, Manufacturers and Mechanics Bank,
Kansas City, Missouri; Examiner, State Banking Department of
Missouri, and Executive Vice President, Merchants Bank,
Kansas City, Missouri.
He went to Albuquerque in 1951.
Among his many affiliations are:
Masonic Shrine, Skyline
Country Club, Past President, Optimist Club of Kansas City,
former member of the Advertising Club and the Lions Club,
Kansas City.
He has conducted and assisted in many charitable
enterprises in Kansas City.
He was recently invited to conduct
a graduate course in banking at the University of New Mexico.
0O0
subject to estate, inheritance, gift or other excise taxes, whether
Federal or State, but shall be exempt from all taxation now or hereafter
imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For
purposes of taxation the amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be interest.
Under Sections 1*2 and 11? (a) (l) of the Internal Revenue Code, as
amended by Section 115 of the Revenue Act of 19l*l, the amount of discount
at which bills issued hereunder are sold shall not be considered to
accrue until such bills shall be sold, redeemed or otherwise disposed of,
and such bills are excluded from consideration as capital assets.
Accord
ingly, the owner of Treasury bills (other than life insurance companies)
issued hereunder need include in his income tax return only the difference
between the price paid for such bills, whether on original issue or on
subsequent purchase, and the amount actually received either upon sale
or redemption at maturity during the taxable year for which the return
is made, as ordinary gain or loss.
Treasury Department Circular No. 1*18, as amended, and this notice,
prescribe the terms of the Treasury bills and govern the conditions- of
their issue.
Copies of the circular may be obtained from any Federal
R eserv e Bank o r B ran ch .
2
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
January 15« 1953
wfck
» in
cash or other immediately available
funds or in a like face amount of Treasury bills maturing
Cash and exchange tenders will receive equal treatment.
January^lS. 195>3 «
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain from
Jp
the sale or other disposition of the bills, shall not have any exeinption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto,
The bills shall be
mmma
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Thursday, January 8, 1953_____ .
The Secretary of the Treasury, by this public notice, invites tenders
for $ l,it00,Q00,000 , or thereabouts, of
91
-day Treasury bills, for
cash and in exchange for Treasury bills maturing
the amount of $l,i|Ql,185.000
January^1^, 1953
, in
, to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
The bills
_, and will mature
January 15* 1953
TOC
when the face amount will be payable without in-
of this series will be dated
April 16
terest.
'*953
i
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500 ,000, and $1,000,000 (maturity value).
Tenders will be received ai Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. January 12. 1953.
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $1,000, and in the case of competi
tive tenders the price offered must be expressed on the basis of 100, with
not more than three decimals, e. g., 99.925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or Branch^
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TR EA SU R Y
D EPARTM EN T
information Service
WASHINGTON.
693
release m o r n i n g
newspapers,
Thursday,.. January 8, 1953»
S-3284'
The Secretary of the Treasury, by this pub3.ic notice, invites
tenders.for $1,400,000,000, or thereabouts, of 9 1 - d a y 'Treasury bills,
for cash and in exchange for Treasury bills maturing January 15*
1953 . im the amount of $ 1 ,4-01 ,185 .000, to be issued on a discount
basis under'competitive and non-competitive bidding as hereinafter
provided.
The bills of this series will be dated January 15*- 1953.
and will mature April 16, 1953. when the face amount will be payable
without interest.
They will be issued in bearer form only, and in
denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and
$1,0Q0,000 (maturity v a l u e ).
Tenders will be received at Federal Reserve Banks and Branches
up to the closing hour, two o ’clock p.m., Eastern Standard time,
Monday, January 12, 1953.
Tenders will not be received at the
Treasury Department, Washington.
Each tender' must be for an even
multiple of $1,000, and in the case of competitive tenders the price
offered must be expressed on the basis of 100, with not more than
three decimals, e. g.', 99.925.
Fractions may not be used.
It is
urged that tenders be made on the printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
,
Others than banking institutions will not be permitted to submit
tenders except for their own account.
Tenders will be received
without deposit from incorporated banks and trust companies and from
responsible and recognized dealers in investment securities'.
Tenders
from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing- hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announce
ment will be made by the Secretary of the Treasury of the amount and
price range of accepted bids.
Those submitting tenders will be
advised of the acceptance or rejection thereof. The Secretary of the
Treasury expressly reserves the right to accept or reject any or all
tenders, in whole or in part, and his action In any such respect
shall be final.
Subject to these reservations, non-competitive
tenders for $200,000 or less without stated pri< e from any one bidder
will be accepted in full at the average price (in three decimals) of
2
accepted competitive bids.
Settlement top accepted tenders in
accordance with the bids must be made or completed at the Federal
Reserve Bank on January 15* 1953> in cash or other immediately
available funds or in a like face amount of Treasury bills maturing
January 15, 1953.
Cash and exchange tenders will receive equal
treatment.
Cash adjustments will be made for differences between the
par value or maturing bills accepted in exchange and the issue price
of the new bills.
The income derived from Treasury bills, whether interest or gain
from the sale or other disposition of the bills, shall not have any
exemption, as such, and loss from the sale or other disposition of
Treasury bills shall not have any special treatment, as such, under
the Internal Revenue Code, or laws amendatory or supplementary
thereto.
The bills shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall^be exempt
from all taxation now or hereafter imposed on the principal pr
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority.
For purposes of
taxation the amount of discount at which Treasury bills are
briginally sold by the United States shall be considered to be
interest.
Under Sections 42 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 1941, the
amount of discount at which bills issued hereunder are sold shall not
be considered to accrue until such bills shall be sold, redeemed or
otherwise disposed of, and such bills are excluded from consideration
as capital assets.
Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need Include in ]jis
income tax return only the difference between the price paid for such
bills, whether on original issue or on subsequent purchase, and the
amount actually received either upon sale or redemption at maturity
during the taxable year for which the return is made, as ordinary
sain or loss.
Treasury Department Circular No, 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
« ^ •
particular commodity, the procedure will be the same as heretofore,
namely, applicants for importation licenses will be required to submit
to the Treasury full documentary proof that the goods are not of Communist
Chinese origin*
Applications may also be filed on Form TFAC-1 with the Federal
Reserve Bank of New York for the release from Customs custody of merchan
dise of Hong Kong origin now in Customs or en route from Hong Kong to
the United States*
Such applications should describe the merchandise
and give the port of entry and must be accompanied by an appropriate letter
from the Hong Kong Department of Commerce and Industry in support of the
application for release of the particular shipment*
These support letters
will attest that the merchandise involved is not of Communist Chinese
origin and will be issued by the Department of Commerce and Industry only
with respect to those kinds of products to which the certification pro
cedure applies at the time of issuance*
Discussions along the lines of those which have been held with the
Hong Kong Government by Foreign Assets Control are also in progress with
several other Far Eastern countries*
3 -
The actual operation of the new certification system will be a matter of
continuing close consultation with the Hong Kong authorities*
The certification procedure which has been placed in operation by
the Hong Kong authorities does not yet apply to all commodities of Chinese
type produced in Hong Kong*
The commodities presently covered arej
iotton waste
hard-wood furniture )
ivory manufactures/
preserved plumsy
salt fish in oil/
Silk manufactures)
.3
It is contemplated that in the near future certification will be available
for most of the principal exports of Hong Kong origin to the tftiited States.
Persons who desire to Import any goods from Hong Kong to which the
certification procedure applies may file applications for this purpose on
form. TR4C-1 with the Federal Reserve Bank of New York setting forth the
product to be imported, the purchase price, and the names and addresses of
all persons who it is contemplated will be involved as sellers, shippers,
agents, or intermediaries of any sort*
Licenses granted upon such appli
cations will authorize the importation on condition that the importer
presents to the Collector of Customs at the time of entry an appropriate
certificate of origin issued by the Hong Kong Department of Commerce and
Industry under the new arrangements«
In cases where the Hong Kong authorities are not able to certify the
»
2
■»
United States Tinless Treasury approval was obtained*
From time to time, amendments and interpretations of the Foreign
Assets Control Regulations have been promulgated in an effort to
achieve maximum effectiveness while producing the minimum of interfer
ence with normal trade practices of Free World countries*
Under the
Regulations, licenses are now required for the importation of merchan
dise of Chinese type even when it is alleged to have been produced
elsewhere than in Communist China,
Relatively few licenses have been
granted because importers have found it difficult to advance satisfactory
proof that specific merchandise of Chinese type offered for importation
is not of Communist Chinese origin*
The geography, location and trade patterns of the countries adjacent
to the
China Mainland
have posed special problems in the enforcement of
a system of controls which would be at once sufficiently stringent to
accomplish the objective of denying to the Chinese Communists foreign
exchange realized from the importation of goods of Communist Chinese
origin into the United States and sufficiently flexible to permit a
flow of trade between friendly areas, such as the British Crown Colony
of Hong Kong, and the United States and other Free World countries*
For some time authorities of the United States Government and
those of Hong Kong have been discussing measures to meet this problem.
The arrangements announced today have resulted from these discussions.
s
-
of legitimate Hong Kong
origin and at the same time prevent Communist Chinese exports from
entering the United States, arrangements have been concluded for the
issuance by the Hong Kong Government of certificates which will per*
«it the importation into the United States of goods of Chinese type
produced in Hong Kong which are subject to the Foreign Assets Control
Begulations of the Treasury Department,
The basic purpose of the Foreign Assets Control is to prevent
Communist China and North Korea from obtaining foreign exchange with
which to further their aggression in Korea®
On December 16, 1950,
following the unprovoked aggression by the Chinese Communists in
Korea, the United States Goveraraent^in support of the objectives of
the Uhited Nations1 action in Korea^ announced measures designed to
place under control all economic relations with Communist China in
older that the Chinese Communists should be denied access to United
States supplies or assets in the United States,
An essential part of
this program was the issuance by the United States Treasury Department,
under the Trading with the Enemy Act, of the Foreign Assets Control
Regulations of December 17, 1950, which forbade all trade and financial
transactions involving the Communist Chinese and North Korean regimes
and their nationals by persons subject to the jurisdiction of the
TR EA SU R Y
D EPARTM EN T
Information Service
RELEASE AFTERNOON NEWSPAPERS
Friday , January 9, 19?3
WASHINGTON, D .C .
S-3285
In order to facilitate trade in goods of legitimate Hong Kong origin and at
the same time prevent Communist Chinese exports from entering the United States,
arrangements have been concluded for the issuance by the Hong Kong Government of
certificates which will permit the importation into the United States of goods of
Chinese type produced in Hong Kong which are subject to the Foreign Assets Control
Regulations of the Treasury Department*
The basic purpose of the Foreign Assets Control is to prevent Communist China
and North Korea from obtaining foreign exchange with which to further their ag
gression in Korea# On December 16, 195>0, following the unprovoked aggression by
the Chinese Communists in Korea, the United States Government, in support of the
objectives of the United Nations* action in Korea, announced measures designed to
place under control all economic relations with Communist China in order that the
Chinese Communists should be denied access to United States supplies or assets in
the United States* An essential part of this program was the issuance by the
United States Treasury Department, under the Trading with the Enery Act, of the
Foreign Assets Control Regulations of December 17, 1950, which forbade all trade
and financial transactions involving the Communist Chinese and North Korean regimes
and their nationals by persons subject to the jurisdiction of the United States
unless Treasury approval was obtained,
From time to time, amendments and interpretations of the Foreign Assets Control
Regulations have been promulgated in an effort to achieve maximum effectiveness
while producing the minimum of interference with normal trade practices of Free
World countries* Under the Regulations,^licenses are now required for the impor
tation of merchandise of Chinese type even when it is alleged to have been produced
elsewhere than in Communist China* Relatively few licenses have been granted
because importers have found it difficult to advance satisfactory proof that
specific merchandise of Chinese type offered for importation is not ©f Communist
Chinese origin*
The geography, location and trade patterns of the countries adjacent to the
China Mainland have posed special problems in the enf©rcement of a system of
controls which would be at once sufficiently stringent to accomplish the objective
of denying to the Chinese Communists foreign exchange realized from the importation
of geods of Communist Chinese origin, into the United States and sufficiently
flexible to permit a flow of trade between friendly areas, such as the British
Crown Colony of Hong Kong, and the United States and other Free World countries#
For some time authorities of the United States Government and those of Hong
Kong have been discussing measures to meet this problem* The arrangements announced
today have resulted from these discussions* The actual operation of the new
certification system will be a matter of continuing close consultation with the
Hong Kong authorities*
-
2
-
The certification procedure which has been placed in operation by the Hong
Kong authorities does not yet apply to all commodities of Chinese type produced
in Hong Kong, The commodities presently covered are: cotton waste, hard-wood
furniture, ivory manufactures, preserved plums, salt fish in oil, silk manufactures,
tungsten ore and concentrates, and water chestnuts. It is contemplated that in the
near future certification will be available for most of the principal exports of
Hong Kong origin to the United States,
Persons who desire to import any goods from Hong Kong to which the certifica
tion procedure applies may file applications for this purpose on Form TFAC-1 with
the Federal Reserve Bank of New York setting forth the product to be imported,,the
purchase price, and the names and addresses of all persons who it is contémplated
will be involved as sellers, shippers, agents, or intermediaries of any sort«' ^
Licenses granted upon such applications will authorize the1..importation on condition
that the importer presents to the Collector of Customs at the time of entry an ap-^
propriate certificate of origin issued' by the Hong Kong Department of Commerce and
Industry under the new arrangements«
1 ■ :.
In cases where the Hong Kong authorities are. no.t able to certify the particular
commodity, the procedure will be the same as heretofore, namely, applicants for
importation licenses will be required to submit to the Treasury full documentary
proof that the goods are not of Communist Chinese origin.
Applications may Also be filed on Form TFAC-1 with the Federal Reserve Bank of
New York for the release from Customs custody of merchandise of Hong Kong origin
now in Customs or en route from Hong Kong to the United States, Such applications
should describe the merchandise and give the. port of entry and must be accompanied
by an appropriate letter from the Hong'Kong Department of Commerce and Industry in
support: of the application for release of the particular shipment, These support
letters will attest that" the merchandise involved is not of Communist Chinese origin
and will be issued by the Department of Commerce and Industry only with respect to
those kinds of products to which the certification procedure applies at the time
of issuance•
Discussions along the lines of those which have been held with the Hong1Kong
Government by-Foreign Assets Control are also in progress with several other Far
Eastern countries,
,s
0O0
TREASURY DEPARTMENT
F i s c a l S e r v ic e
STATUTORY DEBT LIMITATION
peeember 31* 1952
as o f
J i ^ i i a r y 16,
W ashingto n,
.195
section 21 of Second Liberty Bond Act, as amended¡.provides
df| f amount of
i^ r e e fb ft h e
under authority of that Act, and the face amount of oM 'S ^ '^ ^ ^ jra n te e ^ a ^ to pn c p
. s|)a,f „ot
United States (except such guaranteed obiigattons a
y
u se
title 31 sec. 757b), outstanding at
exceed in the aggregate $2 7 5 . 0 0 0 , 0 0 0 , 0 0 0 ¿“ ren?6redemptlor^vaiue of any obligation issued on a discount
e«n u
u. face
The following table shows the face amount of obligations outstanding and the face-amount which can still
“ ’ s 1limitation:
Imitation:
be issued under this
$ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0
Total face amount that may be outstanding at any one time
Outstanding
Obligations Issued under Second Liberty Bond Act, as amended
Interest-bearing:
$ 2 1 ,712,601,000
Treasury b ills
1 6 ,7 1 2 ,4 2 3 ,0 0 0
Certificates of Indebtedness
notes
3 6 .0 3 6 .7 7 8 ,0 0 0 $ 7 4 ,46 0,80 2,0 00
Treasury
Bonds 79,755*^6,900
Treasury....................................
57,9^0 ,080,012
Savings (current redemp. value)
402 ,8 44 ,5 00
Depositary................................
Armed Forces Leave......................
—
Investment series........................ 1 3 ,4 4 9 ,8 7 7 ,Q0_0 1 5 1 ,5 ^ 8 ,2 6 8 ,4 1 2
an.»
as
^Certificates of Indebtedness...... 2 4 ,1 4 7 ,3 6 5 ,0 0 0
Treasury notes............................
1 5 ,0 0 2 ,3 2 9 ^ 0
Total interest-bearing ...........................................
Matured, Interest-ceased.......................................................
Bearing no interest:
War savings stamps ..........................
Excess profits tax refund bonds.....
Special notes of the United States:
Internat'l Monetary Fund series....
Total ..................................... .......
3 9 ,l4 9 ,6 9 4 ,M 0
265*158,764,812
3 00,244,296
4 8 ,7 0 7 ,8 0 9
1 ,5 7 9 ,9 0 8
1 .2 5 8 ,0 0 0 ,0 0 0
Guaranteed obligations (not held by Treasury):
Interest-bearing:
Debentures: F.H.a. ............
Demand obligations: C.C.C.
Matured, interest-ceased ....
1 ,30 8,28 7,7 17
266 ,7 67 ,2 96 ,82 5
52 , 202,536
¿>■56,679
52 , 659,215
1 .8 10 .85 0
53.969,565
Grand total outstanding....... ..v.................................. .................
ialance face amount of obligations issuable under above authority
266,821,266,390
8,178,733.610
ReconcI lement with statement of the Public Debt lîec . 31.,.( 1.95?
(Daily statement of the United States Treasury,Jan.?....£*...1953 .)
Outstanding Total gross public debt
Guaranteed obligations not owned by the Treasury ...............................................
Total gross public debt and guaranteed obligations .............................•••••;..... ;....
Deduct - other outstanding public debt obligations not subject to debt limitation
3 ' ^
267.39i.i55.98O
58.969.565
267,645,125,565
628.859,155
266,821,266,390
STATUTORY DEBT LIMITATION
AS OF DECEMBER 31, 1952 ,
v iOQ
..
January 9* 1953
Section 21 of Second Liberty Aond ^ct, as amended, provides that the face
amount of obligations issued under authority of that Act, and. the face amount of
obligations guaranteed as to principal and interest by the United States (except
such guaranteed obligations as may be held by the Secretary of the treasuryshall
not exceed in the aggregate 6275,000,000,000(Act cf June 26* 1940j
title 31*
sec» 7p?b), outstanding at any one tine« For purposes of this section the current
redemption value of any obligation issued on a discount basis which is redeemable
prior to maturity at the option of the holder shall be considered as its face amount*
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation;
6275*000,000,000
Total face amount that may be outstanding at any one time
Outstanding
Obligations issued under Second Liberty Bond Act, $
Interest-bearing
Treasury bills*.. ..
*|?21,712,o01,000
Certificates ofindebtedness •» 16,7121*23*000
Treasury notes •«•••.«•••••.•.•a 36 ,03^3,7 18 *000
Bonds Treasury.»........*........ 79,755,W 6 , 900
Savings (current redemp•value) 57*9^0,080,012
Depositary ............U02,8UU,i>00
Armed Forees Lea^ve ..........
m
Investment series ....... ... 13jUU9*877,000
amended
6 7l*,1*60,802,000
151,5W,268,U12
Special Funds Certificates of indebtedness. 21*,11*7,365 *000
Treasury notes ••••«•••••.*.* 1,5*002*329*1*00
Total interest-bearing »
•
Matured, interest-ceased ,**♦•♦••*••• **•*•♦<>••»•• •
39*11*9,691**1*00
263,138*761*, 812
300,21*1**296
Bearing no interest;
War savings stamps ... ....... .
i*8,707,809
Excess profits tax refund bonds
1*579*908
Special notes of the United States;
InternetJ1 Monetary Fund series 1,236 ^000*000
Total.............................. ..........
1*308^.267*717
266,767,2*6,8^
Guaranteed obligations (not held by Treasury);
Interest-bearing;
Debentures; F.H.A.*» • • • • • • 32,202,336
Demand obligations; CcC.C...»...o ___
1*36,679
Matured, interest-ceased .............. .
32,639*213
.,1*310^33.0
¿3 *969*365
Grand, total outstanding ............» • • • • * * . e * « . . * e < > 266,82jj266,390
Balance face amount of obligations issuable under above authority*
8,176,(33*610
Reconcilement with Statement of the Fublic Debt - December 31, 1952
(Daily Statement of the United States Treasury, January 2, 1953)
Outstanding Total gross public debt ............................ .
267*391*155*980
Guaranteed obligations not owned by the Treasury
53,969*56*
Total gross public debt and guaranteed obligations »«••••••....• 267, 1*1*5*12n*!
Deduct - other outstanding public debt obligations not subject to
debt limitation.....»,............ ......... •...... .
. 623^859,13
2557521,2<
S-3286
_
2
U n d e r the t e rms of the n e w r e g u l a t i o n s ,
decisions
b y h e a r i n g e x a m i n e r s r e c o m m e n d i n g d i s b a r m e n t of T r e a s u r y
p r a c t i t i o n e r s m a y be a p p e a l e d to the S e c r e t a r y of the
Treasury,
as at present.
Also,
of P r a c t i c e d e n y i n g e n r o l l m e n t ,
d e c i s i o n s of the D i r e c t o r
a n d d e c i s i o n s of the
C o m m i s s i o n e r of C u s t o m s d e n y i n g l i c e n s i n g as a c u s t o m
h o u s e broker,
m a y be a p p e a l e d to the Secr e t a r y .
Mr. Car p e n t e r ,
w h o h a s h a d m a n y y e a r s of s e r v i c e in
the I n t e r n a l R e v e n u e S e r v i c e a nd o t h e r G o v e r n m e n t agencies,
as w e l l as e x p e r i e n c e in p r i v a t e
l aw pra c t i c e ,
returns
to
the T r e a s u r y f r o m the O f f i c e of P r i c e S t a b i l i z a t i o n w h e r e
he h a s b e e n s e r v i n g as a g e n e r a l a t t o r n e y in the O f f i c e
of E n f o r c e m e n t .
Mr. C a r p e n t e r is a c e r t i f i e d p u b l i c a c c o u n t a n t as
w e l l as a m e m b e r of the Bar.
Internal Revenue
Unit,
His f i r s t d u t y w i t h the
S e r v i c e w a s as a u d i t o r in the I n come T ax
in w h i c h he s e r v e d f r o m 1920 to 1927.
He w a s
a s s i g n e d to the o f f i c e of the C h i e f C o u n s e l of the I n t ernal
R e v e n u e f r o m 1927 u n t i l
1941, w h e n he e n t e r e d on a c t i v e
d u t y as a L i e u t e n a n t C o m m a n d e r in the Navy.
He left the
N a v a l s e r v i c e in 1946 w i t h the r a n k of C a p tain.
H e a g a i n s e r v e d in the o f f i c e of the C h i e f C o u n s e l of
the R e v e n u e S e r v i c e f r o m 1947 u n t i l
the
1952, w h e n h e j o i n e d
liiinlmii nilBit s t a f f of the O f f i c e of P r i c e Stabil i z a t i o n .
/
S e c r e t a r y S n y d e r t o d a y a n n o u n c e d the a p p o i n t m e n t of
I r vin W. Car p e n t e r ,
W a s h i n g t o n attorney,
to the n e w l y
c r e a t e d T r e a s u r y p o s i t i o n of D i r e c t o r of P r a c t i c e .
The
D i r e c t o r w i l l e x e r c i s e f u n c t i o n s r e l a t i n g to the e n r o l l m e n t
a n d d i s b a r m e n t of p r a c t i t i o n e r s b e f o r e the Tre a s u r y .
T h e s e f u n c t i o n s h e r e t o f o r e h a v e b e e n v e s t e d in the
T r e a s u r y fs C o m m i t t e e o n P r a c t i c e a n d the o f f i c e of the
A t t o r n e y f o r the G o v e r n m e n t .
The Committee on Practice
a n d the o f f i c e of A t t o r n e y f o r the G o v e r n m e n t a re
abolished.
T he o f f i c e of D i r e c t o r of P r a c t i c e
e s t a b l i s h e d in the B u r e a u of
is b e i n g
I n t e r n a l R e v enue.
Secretary
S n y d e r h as s i g n e d a m e n d m e n t s to T r e a s u r y r e g u l a t i o n s
p u t t i n g the c h a n g e s i nto e f f e c t i mmediately.
In t r a n s f e r r i n g the d u t i e s of the f o r m e r C o m m i t t e e
on P r a c t i c e a n d the f o r m e r A t t o r n e y f or the G o v e r n m e n t
to the n e w D i r e c t o r of P r a c t i c e ,
m a k e on e e x c e p t i o n .
the n e w r e g u l a t i o n s
T h i s e x c e p t i o n is that d u t i e s
r e l a t i n g to c u s t o m h o u s e b r o k e r s w i l l h e r e a f t e r be
e x e r c i s e d u n d e r the d i r e c t i o n of the C o m m i s s i o n e r of
Customs.
T he w o r k of the D i r e c t o r of P r a c t i c e w i l l be u n d e r
the s u p e r v i s i o n of the C o m m i s s i o n e r of I n t e r n a l Revenue.
Ho w e v e r ,
d e c i s i o n s of the D i r e c t o r in i n d i v i d u a l c a s e s
r e l a t i n g to e n r o l l m e n t ,
disbarment or disciplinary
m e a s u r e s w i l l n o t be s u b j e c t to c h a n g e by the Co m m i s s i o n e r .
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C .
703
IMMEDIATE RELEASE,
Thursday, January 8, 1953«
S -3287
Secretary Snyder today announced thé appointment of
Irvin W. Carpenter, Washington attorney, to the newly created
Treasury position of Director1 of Practice.
The Director will
exercise functions relating to the enrollment and disbarment of
practitioners before the Treasury.
These functions heretofore have
been vested in the Treasury’s Committee on Practice and the office
of the Attorney for the Government.
The Committee on Practice and
the office of Attorney for the Government are abolished.
The office of Director of Practice is being established in
the Bureau of Internal Revenue.
Secretary Snyder has signed
amendments to Treasury regulations putting the changes Into effect
immediately.
In transferring the duties of the former Committee on Practice
and the former Attorney for the Government to the new Director of
Practice, the new regulations make one exception.
This exception
is that duties relating to customhouse brokers will hereafter be
exercised under the direction of the Commissioner of Customs.
The work of the Director of Practice will be under the
supervision of the Commissioner of Internal Revenue.
However,
decisions of the Director in individual cases relating to enroll
ment, disbarment or disciplinary measures will not be subject to
change by the Commissioner.
Under the terms of the new regulations, decisions by hearing
examiners recommending disbarment of Treasury practitioners may be
appealed to the Secretary of the Treasury, as at present.
Also,
decisions of the Director of Practice denying enrollment, and
decisions of the Commissioner of Customs denying licensing as
a customhouse broker, may be appealed to the Secretary.
Mr. Carpenter, who has had many years of service in the
Internal Revenue Service and other Government agencies, as well as
experience in private law practice, returns to the Treasury from
the Office of Price Stabilization where he has been serving as a
general attorney in the Office of Enforcement.
Mr. Carpenter is a certified public accountant as well as a
member of the Bar.
His first duty with the Internal Revenue
Service was as auditor in the Income Tax Unit* in which he served
704
-
2
-
from 1920 to 1927.
He was assigned to the office of the Chief
Counsel of the Internal Revenue from 1927 until 194l, when he
entered on active duty as a Lieutenant Commander in the Navy.
He left the Naval service in 19^6 with the rank of Captain.
He again served in the office df the Chief Counsel of the
Revenue Service from 19^-7 until 1952, when he joined the staff
of the Office of Price Stabilization.
0O 0
C o n t i n u i n g the p o l i c y of an o r d e r l y t r a n s f e r of
G o v e r n m e n t r e s p o n s i b i l i t y f r o m the p r e s e n t to the
Administration,
SecretaJ^nyder
and
H u m p h r e y a n n o u n c e d t o d a y the j o i n t a p p o i n t m e n t
A
of a 4 -man c o m m i t t e e to r e v i e w p l a n s fo r t r a n s f e r of the
G o v e r n m e n t ' s v a s t s t o c k of g o l d a n d s i l v e r b u l l i o n a n d
o t h e r a s s e t s in c u s t o d y of the T r e a s u r y to the o f f i c i a l s
of the i n c o m i n g A d m i n i s t r a t i o n .
A t h o r o u g h r e v i e w w i l l be m a d e by the c o m m i t t e e f o r
the p u r p o s e of d e t e r m i n i n g
the p r o c e d u r e s to be V
f o l l o w e d in m a k i n g the transfer.
T h e m e m b e r s h i p of the c o m m i t t e e is as follows:
Chairman:
W . L . H e m i n g w a y , C h a i r m an of the B o a r d ,
Company,
St.
Louis,
Missouri
Members:
w H l i m a E ^ n u r t z , C h a i r m a n of the Board,
T h e P e n n s y l v a n i a Company, P h i l a d e l p h i a ,
Pennsylvania
S i d n e y B. Congdon, P r e s i d e n t , N a t i o n a l C i t y
B a n k of C l e v e l a n d , C l e v e l a n d , O h i o
J a m e s L. R o b e r t s o n , Member, B o a r d of G o v e r n o r s
F e d e r a l R e s e r v e System, W a s h i ngton, D. C.
o
ft! \
C o n tin u in g th e p o l i c y
G o v e rn m e n t r e s p o n s i b i l i t y
o f an o r d e r ly
tra n s fe r o f
fro »
th e p r e s e n t t o th e
Jo h n W .
in c o m in g A d m i n i s t r a t i o n , S e c r e t a r y . S n y d e r a n d
-designate
S e c r e t a r y ^ H um phrey a n n o u n c e d t o d a y t h e j o i n t a p p o in tm e n t
o f a 4 -m a n c o m m it te e t o
r e v ie w
G o v e rn m e n tYa v a s t s t o c k
o f g o ld
o th e r a s s e ts
of
c u s to d y o f
tra n s fe r o f
an d s i l v e r
th e T re a s u r y
b u llio n
th e
and
to
th e o f f i c i a l s
A th o r o u g h r e v i s e w i l l b e m ade b y t h e
c o m m it te e f o r
th e
in
p la n s f o r
in c o m in g A d m i n i s t r a t i o n .
recommendations for
th e p u rp o se o f d e te rm in in g . u p e e th e p ro c e d u re s t o
A
f o llo w e d
i n m a k in g t h e
T h e m e m b e rs h ip o f
be
tra n s fe r.
th e
c o m m it te e i s
a s fo llo w s $
Chairmans
W. L .
H em in g w ay , C h a irm a n o f t h e B o a r d ,
M e r c a n t i l e Cemwa'WSW'B s a li a n d T r u s t
C o m p an y , S t . L o u i s , M i s s o u r i
Wm. F u l t o n
. K u r t s , C h a irm a n o f t h e B o a r d ,
T h e P e n n s y l v a n i a C o m p an y , P h i l a d e l p h i a ,
P e n n s y lv a n ia
S id n e y B . C o n g d o n , P r e s i d e n t , n a t i o n a l C i t y
B a n k o f C l e v e l a n d , C l e v e l a n d , O h io
J a m e s L . R o b e r t s o n , M em b er, B o a r d o f G o v e r n o r s ,
F e d e r a l R e s e r v e S y s t e m , W a s h in g to n , D . C .
TR EA SU R Y
D EPA RTM EN T
Information Service
WASHINGTON, D .C .
IMMEDIATE RELEASE,
Friday, January 9, 1953.
7Q7
S-3208
Continuing the policy of an orderly transfer of Government
responsibility from the present to the incoming Administration,
Secretary John VI, Snyder and Secretary-designate George M,
Humphrey announced today the joint appointment of a 4-man
committee to review plans for transfer of the Government’s vast
stock of gold and silver bullion and other assets in custody of
the Treasury to the officials of the incoming Administration.
A thorough review will be made by the committee for the
purpose of determining recommendations for the procedures to be
followed in making the transfer.
The membership of the committee is as follows:
Chairman:
W. L. Hemingway, Chairman of the Board,
Mercantile Trust Company,
St. Louis, Missouri
Me m b e r s :
Wm, Fulton Kurtz, Chairman of the Board,
The Pennsylvania Company, Philadelphia,
Pennsylvania
Sidney B. Congdon, President, National City
Bank of Cleveland, Cleveland, Ohio
James L. Robertson, Member, Board of Governors,
Federal Reserve System, Washington, D. C.
oOo
m iM m UORNBiÖ NEWSPAPERS,
Tuwday, Junary 13» 1953«
Th« Secretary of the Treasury announced last evening that the tenders for
$l,ljOO,000,000, or thereabouts, of 91-day Treasury bills to be dated January 15 and
to mature April 16, 1953» which were offered on January 8, w e
opened at the Federal
Reserve Banks on January 12*
The details of this issue are as follows i
Total applied for
Total accepted
Average price
$2,035,9*6,000
„
_
1,!|00,121,000 (includes $257,027*000 entered on a
non-competitive basis and accepted in
full at the average price shown below)
99,1*63/ Equivalent rate of discount approx. 2,12b* per annui
Hange of accepted competitive bidet
High
- 99.550
Equivalent rate of discount appro*. 1.780* per annua
-99.hSb
«
»
. «
-
(31 percent of th, m o u n t bid for *t the low prie,
2-160* ■
uccepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
it. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$ I5,oo5,ooo
1,386,020,000
3 2 ,921»,000
56.398.000
27,91*1,000
1*0,1*28,000
206,685,000
5U,997,000
11*.119,000
71.791.000
62.759.000
66.681.000
$
12,035,956,000
*1,1*00,121,000
Total
il* , 805,000 '
809,31*3,000
1 9 ,U7k,000
56.398.000
27, m a ,ooo
1*0,1*28,000
161,685,000
5b,9 9 7 , 000.
lit, 119,000
71.791.000
62.759.000
66.881.000
»
TREA SU RY DEPARTM ENT
Information Service
WASHINGTON, D .C .
70 3
RELEASE MORNING NEWSPAPERS,
Tuesday, January 13, 1953»
S-3209
The Secretary of the Treasury announced last evening that the
tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills
to be dated January 15 and to mature April 16, 1953:» which were
offered on January 8 , were opened at the Federal Reserve Banks on
January 12.
The details of this issue are as follows:
Total applied for - $2,035,956,000
Total accepted
- 1,400,121,000 (includes $257,027,000
entered on a non-compétitive
basis and accepted in full at
the average price shown
below)
Average price
- 99.463/ Equivalent rate of discount approx.
2.124$ per annum
Range of accepted competitive bids:
High
- 99.550 Equivalent rate
1 .780$
- 99.454 Equivalent rate
2 .1b 0$
Low
(31
of discount approx.
per annum
of discount approx.
per annum
percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
$
15 ,005,000
1 ,386,028,000
32.924.000
56 .398.000
27.941.000
40.428.000
-206,685,000
54.997.000
14.119.000
71 .791.000
62 ,759,000
66,881,000
TOTAL
Total
______ Accepted
$
14,805,000
809.343.000
19.474.000
56.393.000
27.441.000
40.428.000
161 .685.000
54.997.000
14.119.000
71 .791.000
62,759,000
____ 66,881,000
$1,400,121,000
0O0
T R E A S U R Y D EPA RTM EN T
Information Service
WASHINGTON, D. C.
Tlû
FOR RELEASE
Monday, January 19, 1955
Press Service
No. S-3290
Secretary of the Treasury Snyder today made public data from the
preliminary report, Statistics of Income for 1950, Part 1 , compiled from
individual income tax: returns for the income year 1950. ‘
These data are
prepared under the direction of Acting Commissioner of Internal Revenue
John S. Graham.
The total number of individual income tax returns filed for the
income year 1950 is 53,060,098 of which 38,186,682 are taxable and
14,873,416 are nontaxable.
Of the total number filed, 42,739,800 returns show use of the optional
standard deduction. On 38,007,271 of these returns, the tax liability is
determined from the optional tax table $ however, the income and exemptions
on 13,277,664 of the latter returns are such that the table designates
them to be nontaxable.
The adjusted gross income reported is $179,874,478,000 and the ad
justed gross deficit is $726,202,000. The income tax liability is
$18,374,922,000, which is an increase of $3,836,781,000 over the tax for
1949. The increase is due to the change in tax rates under the Revenue
Act of 1950 and to the increase of more than 11 percent in the amount of
adjusted gross income reported.
Individual returns, comparative data 1950 and 1949
(Money figures in thousands of dollars)
:
Preliminary
;Increase or decrease(-)
Number or î
:
1950
:
1949
:
Percent
•
•
•
•
•
amount
:
Total number of returns
Taxable returns
Nontaxable returns
Adjusted gross income
Adjusted gross deficit
Tax liability
53,060,098
38,186,682
14,873,416
51,814,124
35,628,295
16,185,829
1,245,974
2,558,387
-1,312,413
2.40
7.18
-8.11
179,874,478 161,373,205
726,202
799,280
18,501,273
-73,078
11,46
-9.14
3,836,781
.26.39
18,374,922
14,538,141
-
2
Returns included
The individual income tax returns included in this release are for
the calendar year 1950, a fiscal year ending within the period July 1950
through June 1951, and a part year with the greater part of the accounting
period in 1950* The returns are Forms 1040A and 1040, filed by citizens
and resident aliens 0 Tentative returns are not included and amended returns
are used only if the original returns are excluded* Statistics are taken
from the returns as filed, prior to revisions that may be made as a result
of audit*
Form 1040A is the employee^ optional return which may be filed by
persons whose total income is less than $5,000 consisting of wages reported
on Form W-2 and not more than a total of $100 from other wages, dividends,
and-interest* The tax liability on Form 1040A is determined by the collector
of internal revenue on the basis of the income reported, in accordance with
a tax table provided under Supplement T of the Internal Revenue Code, which
allows for the exemptions claimed and also allows for deductions and tax
credits approximating 10 percent of the income* The optional return cannot
be used as a separate return for community income of husband or wife* A
joint return of husband and wife may be filed on Form 1040A if their com
bined income meets the requirements for use of this form* On a joint re
turn, the tax liability, determined from the tax table by the collector,
is the lower of two taxess an aggregate of the two taxes on the separate
incomes of husband and wife or a tax on the combined income, which tax is
the liability under the split—income method*
Form 1040, the regular income tax return, which may be either a longform return or a short-form return, is used by persons who, by reason of
the size or source of their income, are not permitted to use Form 1040A,
and by persons who, although eligible to use Form 1040A, find it to their
advantage to use Form 1040* Persons with adjusted gross income of less
than $5 ,000, regardless of the source, may elect to file the short-form
return on which nonbusiness deductions and tax credits are not reported,
the tax being determined on the basis of adjusted gross income, by the
taxpayer from the tax table provided under Supplement T* Persons with
adjusted gross income of $5,000 or more, and persons with adjusted gross
income of less than $5,000 who wish to claim deductions in excess of the
standard deduction allowed through use of the tax table, file the longform return and compute the tax liability based on net income after
allowable deductions and exemptions*
Data tabulated for individual returns for 1950 with adjusted gross
income under $50,000 are estimated on the basis of samples* Description
of the samples used and limitations of the data are given on pages 5 and 4*
Changes in the Internal Revenue Code
The Revenue Act of 1950 amended
spects* The major change applicable
in tax rates effected by eliminating
tive tax which were in effect during
the Internal Revenue Code in many re
to individual returns is the increase
the percentage reductions from tenta
1948 and 1949*
- 3 (a)
Although the normal tax rate of 3 percent of normal tax net in
come and the surtax rates ranging from 17 percent of the first ¿2,000
of surtax net income to 88 percent of such income in excess of $200,000
are retained, the 1950 act eliminates, as of October 1, 1950, the series
of percentage reductions ranging from 17 percent of the first $400 of
combined tentative taxes to 9 «75 percent of such taxes in excess of
$100,000«, The total tax liability is now limited to 87 percent of net
income, as compared to the previous limit of 77 percent»
For 1050 calendar year returns, a series of percentage reductions
amounting to approximately three-fourths of those previously allowed is
provided, with a limitation of the tax liability to 80 percent of the
net incomeo
(b) On returns for fiscal years ending after September 30, 1050,
the tax liability is the sum of (l) that portion of a tentative tax,
computed at rates in effect before October 1, 1950, which the number of
calendar months in such fiscal year before October 1, 1D3C, bears to
the total number of calendar months in the fiscal year, and (2) that
portion of a tentative tax, computed at the rates in effect after
September 30, 1950, which the number of calendar months in such fiscal
year after September 30, 1950, bears to the total number of calendar
months in the fiscal year*
(c) The optional tax table under Supplement T is revised to reflect
the increased tax liability resulting from the decrease in percentage
reductions applied to the aggregate tentative normal tax and surtax for'the
calendar year* Also, for taxable years beginning after September 50,
1950, an optional tax table is provided Wherein no percentage reductions
are applied*
(d) New income tax withholding tables provide increased withholding
of income tax at source on wages paid on and after October 1, 1950; and
the percentage method of withholding is increased from 15 percent to 18
percent of wages paid in excess of the amount of withholding exemption,
(e) Provision is made for enlisted personnel to exclude from gross
income all compensation and commissioned officers to exclude not more
than |200 per month of compensation received for active service in the
armed forces of the United States in a combat zone after June 24, 1950.
(f) The definition of capital asset is changed for taxable years
beginning after September 30, 1950, to exclude a copyright and a literary,
musical, or artistic composition, created by the t
32T*
Description of the sample and limitations of data
Tables 1 and 2 in this release are derived from a stratified random
sample of individual income tax returns designed to comprise three-tenths
of 1 percent of returns, Form 1040A and Form 1040 with adjusted gross
income under $3,000 and with total receipts from business, if any, under
$50,000; 10 percent of returns, Form 1040 with adjusted gross income
under $8,000 and with total receipts from business of $50,000 or more;
711
10 percent of returns, Form 1040 with adjusted gross income from $8,000
to $25,000; 25 percent of returns, Form 1040 with adjusted gross income
from $25,000 to $50,000$ and 100 percent of returns, Form 1040 with
adjusted gross income of $50,000 or more*
The decrease in sample size as compared with the preceding year,
from one-half of one percent to three-tenths of one percent, for returns,
Form 1040A, and Form 1040 with adjusted gross income under $8,000 and
total receipts from business under $50,000, is believed to be offset by
the added efficiency of the sample design* Specifically, the 0.5 percent
sample for 1949 comprised the first fifty returns in each successive
hundredth block of one hundred returns, whereas the 0,3 percent sample
for 1950 comprised the first return in three of every ten successive
blocks* Use*of the return as the unit of sampling instead of the block
or partial block, is more efficient, in view of the increasing use of
sorting procedures in the administrative processing of the returns,
prior to their arrangement in blocks.
In computing the possible variation of a given frequency due to
random sampling, a range of two standard errors was used; chances are
19 out of 20 that the frequency as estimated from the sample tabulation
differs from the actual frequency, if the entire universe were tabulated,
by less than twice the standard error, Variation beyond the two-error
limit would occur only 1 time in 20 and would be sufficiently rare to
justify a two-error range in defining sampling variability. Accordingly,
in cells associated with taxable or nontaxable adjusted gross income
classes under $8,000, frequencies of the magnitude of 1 million or more
are subject to variation of less than 4 percent; variation for lesser
frequencies increases to a maximum of 12 percent at 100,000, and a
maximum of 36 percent at 10,000* In cells associated with adjusted
gross income classes from $8,000 to $25,000, frequencies of the magni
tude of 100,000 or more are subject to less than 2 percent variation;
variation for lesser frequencies increases to a maximum of 6 percent
at 10,000, and a maximum of 20 percent at 1,000* In cells associated
with adjusted gross income classes from $25,000 to $50,000, frequencies
of the magnitude of 10,000 or more are subject to less than 4 percent
variation; variation for lesser frequencies increases to a maximum of
12 percent at 1,000* The degrees of variability noted above relate
only to cell frequencies and do not indicate the variability associated
with money amounts of income, deductions, or tax*
Preliminary report
The preliminary report, Statistics of Income for 1950, Part 1, is
being prepared* It will include a table for taxable fiduciary returns
showing sources of income, as well as additional tables for individual
returns *
Table 1 , - In d iv id u a l re tu r n s f o r 1 9 50, by a d ju ste d g r o s s income c l a s s e s : Sim ple and cu m ulative d is t r i b u t i o n s o f number o f r e tu r n s ,
a d ju ste d g r o s s income, and ta x l i a b i l i t y , w ith correspon ding p e rce n ta ge d is t r i b u t i o n s
(A djusted g r o s s in c a s e c l a s s e s and money f ig u r e s in thousands o f d o l l a r s )
■tiaber of returns
Adjusted gross la s c a » o lasses \J
Sim ple d is t r i b u t i o n
Number
12
5
4
5
6
7
B
9
IO
1121
15
14
15
16
17
18
19
20
2221
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
R eturns w ith a d ju ste d g r o s s income
(ta x a b le and n o n ta x a b le ):
Under 0 .6
0 .6 under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1 .2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
2 under 2.2 5
2 .2 5 under 2 .5
2 .5 under 2 .7 5
2 .7 5 under 5
5 under 5 .5
5 .5 under 4
4 under 4 .5
4 .5 under 5 4 /
5 under 6
6 under 7
7 under 8
8 under 9
9 under 10
10 under 11
11 under 12
12 under 15
15 under 14
14 under 15
15 under 20
20 under 25
25 under SO
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500
500 under 400
400 under 500
500 under 750
750 under 1 ,0 0 0
1 ,0 0 0 under 1 ,500
1 ,5 0 0 under 2 ,0 0 0
2 ,0 0 0 under 5,000
5 ,000 under 4 ,0 0 0
4 ,0 0 0 under 5,000
5 ,000 o r more
T o ta l
R e t u r n s w ith no a d ju ste d g r o s s
in c o m e hj (n o n tax able)
Orand t o t a l
P ercen t
of
to ta l
Adjusted cross insana 2/
Cumulative d i s t r i - Cumulative d i s t r i b utton from h ig h e st button from lo w e st
income c l a s s
income c l a s s
P ercen t
P ercent
Number
of
Number
of
to ta l
to ta l
5 ,7 8 0 ,0 1 5
1 ,2 6 9 ,0 1 2
2 ,5 1 2 ,7 5 7
2 ,4 9 0 ,8 6 6
2 ,5 8 5 ,8 5 6
2 ,7 1 0 ,9 6 0
2 ,7 6 1 ,9 1 7
2 ,7 7 9 ,5 5 8
2 ,8 6 5 ,9 8 7
2 ,9 0 8 ,0 2 8
2 ,8 7 7 ,7 6 8
5 ,5 8 8 ,5 2 9
4 ,4 4 8 ,4 7 1
5 ,4 4 5 ,0 2 9
2 ,5 4 0 ,5 5 6
5 ,0 2 5 ,1 0 5
1 ,5 2 5 ,8 6 8
•797,054
469,495
299,177
215,904
156,547
125,578
9 9 ,119
82,566
256,019
139,857
83,645
91,105
45,357
25,064
15,535
9 ,995
7 ,0 8 5
5 ,012
11,564
5,948
1 ,872
896
891
599
446
177
114
41
55
12
9
8
7 .1 8
2 .4 1
4 .3 9
4 .7 5
4 .9 1
5.1 5
5 .2 5
5 .2 8
5.4 4
5 .5 2
5 .4 7
1 0 .2 5
8.4 5
6 .5 4
4 .8 2
5.7 5
2 .8 9
1 .5 1
.8 9
.5 7
.4 1
.5 0
.2 4
.1 9
.1 6
.4 9
.2 7
.1 6
.1 7
.0 9
.0 5
.0 5
.02
.0 1
.0 1
.02
.0 1
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
W
5 2 ,6 5 5 ,5 6 4
4 8 ,8 7 5 ,5 5 1
4 7 ,6 0 6 ,5 3 9
4 5 ,2 9 3 ,7 8 2
4 2 ,8 0 2 ,9 1 6
4 0 ,2 1 7 ,0 8 0
3 7 ,5 0 6 ,1 2 0
54,7 4 4 ,2 0 3
51,9 6 4 ,8 4 5
2 9 ,1 0 0 ,8 5 8
2 6 ,1 9 2 ,8 5 0
2 5 ,3 1 5 ,0 6 2
1 7 ,9 2 6 ,7 3 5
1 5 ,4 7 8 ,2 6 2
1 0 ,0 5 5 ,2 5 5
7 ,4 9 2 ,8 7 7
4 ,4 6 7 ,7 7 2
2 ,9 4 3 ,9 0 4
2 ,1 4 6 ,8 5 0
1 ,6 7 7 ,3 5 5
1 ,3 7 8 ,1 7 8
1 ,1 6 2 ,2 7 4
1 ,0 0 5 ,9 2 7
880,549
781,450
699,064
445,045
305,208
219,563
128,458
85,101
58,037
42,502
32,507
25,424
20,412
8 ,8 4 8
4 ,9 0 0
3,028
2 ,152
1 ,2 4 1
842
596
219
105
64
29
17
8
100.00
9 2 .82
90.41
8 6 .02
8 1 .2 9
7 6 .5 8
7 1 .2 5
6 5 .9 8
6 0 .7 1
5 5 .27
4 9 .74
4 4 .2 8
34.05
2 5 .6 0
1 9 .0 5
1 4 .2 5
8 .4 8
5 .5 9
4 .0 8
3 .1 9
2 .6 2
2 .2 1
1 .9 1
1 .6 7
1 .4 8
1 .3 5
.8 4
.5 8
.42
.2 4
.1 6
.1 1
.0 8
.0 6
.0 5
.0 4
.02
.0 1
.0 1
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6>
3 ,7 8 0 ,0 1 3
5 ,0 4 9 ,0 2 5
7 ,3 6 1 ,7 8 2
9 ,8 5 2 ,6 4 8
1 2 ,4 3 8 ,4 8 4
1 5 ,1 4 9 ,4 4 4
1 7 ,9 1 1 ,5 6 1
2 0 ,6 9 0 ,7 1 9
2 5 ,5 5 4 ,7 0 6
2 6 ,4 6 2 ,7 3 4
2 9 ,3 4 0 ,5 0 2
5 4 ,7 2 8 ,8 3 1
39,1 7 7 ,5 0 2
42,6 2 2 ,5 5 1
4 5 ,1 6 2 ,6 8 7
4 8 ,1 8 7 ,7 9 2
4 9 ,7 1 1 ,6 6 0
50,5 0 8 ,7 1 4
5 0 ,9 7 8 ,2 0 9
5 1 ,2 7 7 ,5 8 6
51,4 9 5 ,2 9 0
51,6 4 9 ,6 5 7
5 1 ,7 7 5 ,0 1 5
51,8 7 4 ,1 5 4
5 1 ,9 5 6 ,5 0 0
5 2 ,2 1 2 ,5 1 9
5 2 ,5 5 2 ,3 5 6
52,4 5 6 ,0 0 1
5 2 ,5 2 7 ,1 0 6
52,5 7 2 ,4 6 3
52,5 9 7 ,5 2 7
52,6 1 3 ,0 6 2
52,6 2 5 ,0 5 7
5 2 ,6 5 0 ,1 4 0
5 2 ,6 5 5 ,1 5 2
5 2 ,6 4 6 ,7 1 6
5 2 ,6 5 0 ,6 6 4
5 2 ,6 5 2 ,5 5 6
52,6 5 5 ,4 3 2
5 2 ,6 5 4 ,3 2 5
52,6 5 4 ,7 2 2
5 2 ,6 5 5 ,1 6 8
52,6 5 5 ,3 4 5
5 2 ,6 5 5 ,4 5 9
5 2 ,6 5 5 ,5 0 0
52,6 5 5 ,5 5 5
52,6 5 5 ,5 4 7
5 2 ,6 5 5 ,5 5 6
52.6 5 5 .5 6 4
5 2 ,6 5 5 ,5 6 4
1 0 0.00
-
-
-
404,554
(7 )
5 5 ,0 6 0 ,0 9 8
(7 )
-
-
-
7 .1 8
9.5 9
13.98
18.7]
23.62
28 .7 7
54.02
39.29
44.75
50.26
55.72
65 .9 5
74 .4 0
80 .9 5
es.ii
91 .5 2
94 .4 1
95 .9 2
96.81
97.36
97.7S
98.06
9 8 .5 !
98.52
98.67
99.16
99.42
99.56
99.76
99.84
99.86
99.92
99.94
99.96
99.96
99.96
99.96
99.96
99.96
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
Sim ple d is t r i b u t i o n
Amount
1 ,2 6 5 ,0 6 8
855,027
2 ,0 2 5 ,4 1 6
2 ,8 0 4 ,0 3 3
5 ,5 4 7 ,0 5 7
4 ,3 9 9 ,7 7 1
5 ,1 7 9 ,2 2 1
5 ,9 0 2 ,5 5 2
6 ,8 0 1 ,7 4 9
7 ,6 3 2 ,6 8 0
8 ,2 6 9 ,4 8 8
1 7 ,4 7 0 ,3 0 0
1 6 ,6 5 6 ,8 9 2
1 4 ,6 0 0 ,5 9 1
1 2 ,1 0 7 ,1 6 0
1 6 ,4 8 6 ,SOS
9 ,8 2 0 ,0 0 5
5 ,9 5 7 ,5 1 5
3 ,9 7 0 ,9 1 1
2 ,8 5 1 ,1 3 2
2 ,2 6 1 ,0 1 1
1 ,7 9 5 ,8 8 5
1 ,5 6 3 ,7 2 0
1 ,3 3 5 ,3 7 5
1 ,1 9 2 ,9 5 1
4 ,5 9 6 ,9 9 0
5 ,1 1 0 ,4 8 5
2 ,2 8 1 ,5 8 1
5 ,1 2 6 ,8 7 5
2 ,0 1 7 ,2 0 5
1 ,5 6 7 ,0 6 7
1 ,0 0 5 ,7 6 1
746,954
599,859
474,876
1 ,5 8 6 ,5 1 9
676,791
414,803
244,255
504,553
1 7 7,646
268,645
150,817
158,581
72,105
83,457
41,678
3 9 ,599
5 7 .9 8 9
- 179,8 7 4 ,4 7 8
P ercen t
of
to ta l
0 .7 0
.48
1 .1 3
1 .5 6
1.97
2 .4 5
2 .8 8
3 .2 8
3.7 8
4.2 4
4 .6 0
9 .7 1
9 .2 5
8 .1 2
6 .7 5
9.1 7
5 .4 6
3 .3 0
2 .2 1
1 .5 7
1 .2 6
1 .0 0
.87
.74
.66
2 .4 4
1 .7 5
1 .2 7
1 .7 4
1 .1 2
.7 6
.5 6
.42
.35
.2 6
.77
.58
.25
.14
.17
.1 0
.15
.0 8
.08
.04
.05
.02
.02
.0 5
100.00
£^726,202
(7)
I ^ 1 7 9 ,1 4 8 ,2 7 6
(7 )
Cumulative d i s t r i button from h ig h e st
income c l a s s
P ercent
Amount
of
to ta l
17 9 ,8 7 4 ,4 7 8
1 7 8,609,410
17 7 ,7 5 4 ,3 8 3
1 75,728,967
172,9 2 4 ,9 5 4
169,5 7 7 ,8 7 7
16 4 ,9 7 8 ,1 0 6
1 59,798,885
15 5 ,8 9 6 ,5 3 3
147,094,784
139,4 6 2 ,1 0 4
151,1 9 2 ,6 1 6
U 5 , 722,516
97,0 8 5 ,4 2 4
8 2 ,4 8 5 ,0 3 3
7 0 ,5 7 7 ,8 7 5
5 3 ,6 9 1 ,3 6 8
4 4 ,0 7 1 ,3 6 !
38,1 3 3 ,8 4 8
3 4,162,937
3 1 ,331,805
2 9 ,0 7 0 ,7 9 4
2 7 ,2 7 4 ,9 1 1
2 5 ,7 1 1 ,1 9 1
2 4 ,5 7 5 ,8 1 6
2 5 ,1 8 2 ,8 6 5
1 8 ,7 8 5 ,8 7 5
1 5 ,6 7 5 ,3 9 2
1 5 ,5 9 4 ,0 1 1
1 0 ,2 6 7 ,1 3 6
8 ,2 4 9 ,9 3 1
6 ,8 8 2 ,8 8 4
5 ,8 7 9 ,1 0 3
5,1 5 2 ,1 4 9
4,5 5 2 ,2 9 0
4 ,0 5 7 ,4 1 4
2 ,6 7 0 ,8 9 6
1 ,9 9 4 ,1 0 4
1 ,6 7 9 ,5 0 1
1 ,5 5 5 ,0 4 6
1 ,0 5 0 ,5 1 5
852,865
584,224
453,407
294,826
222,721
159,264
97,588
57,989
Cumulative d i s t r i b utton from lo w e st Sim ple d is t r i b u t i o n
income c l a s s
P ercen t
P ercen t
Amount
of
Amount
of
to ta l
to ta l
1 0 0 .0 0
1 ,2 6 5 ,0 6 8
0 .7 0
9 9 .50
2 ,1 2 0 ,0 9 5
1 .1 8
98.82
4 ,1 4 5 ,5 1 1
2 .5 0
97.70
6 ,9 4 9 ,5 4 4
3.86
96.14 1 0 ,4 9 6 ,6 0 1 • 5.8 4
9 4 .16 1 4 ,8 9 6 ,3 7 2
8.2 8
91.72 2 0 ,0 7 5 ,5 9 5
1 1.16
8 8 .84 2 5 ,9 7 7 ,9 4 5
14.44
8 5 .5 6 5 2 ,7 7 9 ,6 9 4
18.22
8 1 .7 8 4 0 ,4 1 2 ,3 7 4
22.47
7 7 .5 5 4 6 ,6 8 1 ,8 6 2
27.06
72 .9 4 6 6 ,1 5 2 ,1 6 2
36.78
65.22 8 2 ,7 8 9 ,0 5 4
46.05
5 3 .97 9 7 ,5 8 9 ,4 4 5
54.14
60.87
4 5 .8 6 10 9 ,4 9 6 ,6 0 5
39.15 1 2 5 ,9 8 5 ,1 1 0
70.04
29 .9 6 1 3 5 ,8 0 3 ,1 1 5
75.50
2 4 .5 0 1 4 1 ,7 4 0 ,6 5 0
7 8.80
2 1 .2 0 145,7 1 1 ,5 4 1
81.01
1 8 .9 9 1 4 8 ,5 4 2 ,6 7 3
82.58
1 7 .42 150,8 0 5 ,6 8 4
83.84
1 6 .16 152,5 9 9 ,5 6 7
84.84
1 5 .16 15 4 ,1 6 5 ,2 8 7
85.71
1 4 .2 9 155,4 9 8 ,6 6 2
86.45
1 5 .55 1 5 6 ,6 9 1 ,6 1 5
87.11
1 2 .8 9 16 1 ,0 8 8 ,6 0 5
89.56
1 0 .44 16 4 ,1 9 9 ,0 8 6
91.29
8 .7 1 166,4 8 0 ,4 6 7
92.55
7 .4 5 169,6 0 7 ,3 4 2
94.29
5 .7 1 1 7 1,624,547
95.41
4 .5 9 17 2 ,9 9 1 ,6 1 4
96.17
3 .8 5 175,9 9 5 ,3 7 5
96.75
3.27 1 7 4 ,7 4 2 ,5 2 9
97.15
2.8 5 1 7 5 ,5 4 2 ,1 8 8
97.48
2 .5 2 17 5 ,8 1 7 ,0 6 4
97.74
2 .2 6 177,2 0 5 ,5 8 3
98.52
1 .4 8 17 7 ,8 8 0 ,3 7 4
9 8.89
1 .1 1 Ì7 8 ,2 9 6 ,1 7 7
99.12
.8 8 1 7 8 ,5 5 9 ,4 5 0
99.26
.74 1 7 8 ,8 4 5 ,9 6 3
9 9.45
.57 1 7 9 ,0 2 1 ,6 0 9
99.55
.4 7 17 9 ,2 9 0 ,2 5 4
99.68
.32 1 7 9 ,4 4 1 ,0 7 1
99.76
.24 1 7 9,579,652
99.84
.1 6 179,6 5 1 ,7 5 7
99.88
.1 2 17 9 ,7 5 5 ,2 1 4
99.92
.0 8 1 7 9 ,7 7 6 ,8 9 0
99.95
.0 5 1 7 9 ,8 1 6 ,4 8 9
99.97
.0 5 1 7 9 ,8 7 4 .4 7 8 100.00
2 ,4 7 0
57,867
79,410
117,669
179,800
235,525
290,776
557,094
416,807
474,177
1 ,0 6 1 ,8 8 6
1 ,1 1 5 ,5 5 5
1 ,0 7 8 ,5 9 5
965,188
1,50 2 ,3 3 5
999,266
654,927
472,667
354,505
296,894
246,567
225,583
201,507
186,828
757,996
615,581
505,858
791,446
590,640
446,682
357,167
281,649
236,089
195,419
613,196
528,914
209,588
129,918
165,728
97,526
152,615
87,266
82jS42
44,275
48,855
25,401
25,509
54,390
0.0 1
.21
.45
.6 4
.98
1.2 7
1 .5 8
1.9 4
2.27
2 .5 8
5.7 8
6 .0 7
5.87
5 .2 5
8.1 8
5.44
5 .5 6
2.57
1 .9 3
1 .6 2
1.3 4
1 .2 5
1 .1 0
1.0 2
4 .1 5
3.55
2 .7 5
4.5 1
3.21
2 .4 3
1 .9 4
1 .5 5
1 .2 8
1 .0 6
3.5 4
1 .7 9
1 .1 4
.71
.90
.55
.85
.47
.45
.24
.27
.1 4
.14
.1 9
Tax liability i/
Cum ulative d i s t f u button from h ig h e st
income c l a s s
P ercen t
Amount
of
to ta l
18,374,922
1 8 ,372,452
1 8 ,354,585
18,255,175
1 8 ,157,506
17,9 5 7 ,7 0 6
17,724^381
17,435',605
1 7 ,076,511
1 6 ,659,704
16,185,527
1 5 ,123,641
1 4 ,0 0 8 ,2 8 6
1 2 ,929,691
1 1 ,964,505
1 0 ,462,168
9 ,4 6 2 ,9 0 2
8,80 7 ,9 7 5
8 jS 3 5 ,5 0 8
7 ,9 8 0 ,8 0 5
7 ,6 8 5 ,9 1 1
7 ,457,544
7 ,2 1 1 ,7 6 1
7 ,0 1 0 ,2 5 4
6,82 3 ,4 2 6
6 ,0 6 5 ,4 5 0
5,45 0 ,0 4 9
4 ,9 4 4 ,1 9 1
4 ,1 5 2 ,7 4 5
5 ,5 6 2 ,1 0 5
5,11 5 ,4 2 3
2 ,7 5 8 ,2 5 6
2,476 ,6 0 7
2 j2 4 0 j5 1 8
2,04 5 ,0 9 9
1 ,4 3 1 ,9 0 3
l j l 0 2 ,9 8 9
*895j601
765,683
597,957
500,451
547,816
260j550
178,208
133,953
85,100
59,899
54,590
100.00
99.99
99.78
9 9.55
98.71
97.75
96.46
94.88
92.95
90.67
8 8.08
8 2.51
76.24
70.57
6 5 .1 1
56.94
51.50
47.95
45.56
45.43
41.82
4 0 .4 8
39.25
58.15
57.15
53.01
2 9.66
26.91
2 2 .6 0
1 9.59
1 6.95
1 5.01
1 5 .4 8
1 2.19
1 1.15
7 .7 9
6 .0 0
4 .8 6
4 .1 6
3.2 5
2.7 2
1 .8 9
1 .4 2
.97
.75
.46
.¿ 2
.1 9
-
-
-
-
1 8 ,5^4,922
100.00
•
•
-
-
-
- 18 ,3 7 4 ,9 2 2
100.00
-
-
Cumulative d i s t r i b utton from lo w est
income c l a s s
P ercen t
Amount
of
to ta l
2 ,470
0 .0 1
40,337
.22
119^747
•65
237*416
1 .2 9
417,216
2 .2 7
650,541
5.54
941Í517
5.12
1,29 8 ,4 1 1
7.0 7
1 ,7 1 5 ,2 1 8
9.5 5
2 jl8 9 jS 9 S
11.92
5 ,251,281
1 7 .6 9
4 ,5 6 6 ,6 5 6
2 5 .7 6
5 ,4 4 5 ,2 5 1
2 9.65
6 ,4 1 0 ,4 1 9
54.89
7 ja i2 '7 S 4
43.06
8 ,9 1 2 j020
4 8.50
9^566,947
52.07
10,059,614
54.64
1 0 j5 9 4 jll 7
56.57
1 0 j 691j o l i
58.18
10,937,578
59.52
1 1 ,163,161
6 0.75
1 1 jî6 4 ,6 6 8
61.85
62*87
I lj5 5 l j 4 9 6
66,99
12¡309j492
1 2 j924j87S
7C.54
lS j4 3 0 j7 3 1
7 5.09
14,222,177
77.40
1 4 ,8 1 2 j817
80.61
15,259,499
85.05
is j6 1 6 j6 6 6
84.99
1 5 j8 9 8 jsi5
86.52
16 j 154j 404
87.81
88.87
1 6 js2 9 j8 2 3
16 j 945,019
92.21
1 7 j2 7 lj9 5 5
94.00
1 7 ¡4 8 ljS 2 1
95.14
1 7 je il j2 5 9
95.84
17j776j965
96.75
1 7 j874j491
97.28
98.11
1 8 j0 2 7 jl0 6
1 8 jl l4 jS 7 2
98.58
1 8,196j714
99.03
18,2 4 0 j 969
99.27
is j2 8 9 j8 2 2
99.54
1 8 ,515,225
99.68
1 8 ,340,552
99.81
1 8 ,574.922 100.00
2
5
4
5
6
7
8
9
10
11
12
IS
14
15
16
17
18
19
222210
25
24
25
26
27
28
29
50
51
52
55
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
-
*
52
F o r fo o t n o t e s , se e pp . 9 -1 0 j f o r e x te n t t o which d a ta a r e e stim a te d , se e p p . 3 - 4 ,
cn
712
T ab le 2 . - I n d iv id u a l re tu r n s f o r 1 9 50, by ta x a b le and nontaxable re tu r n s and by a d ju ste d g ro ss income c l a s s e s ) Number o f r e tu r n s, Income o r l o s s from each
o f th e so u rces com prising a d ju ste d g r o s s income, a d ju ste d g r o s s income, exem ption, t a x l i a b i l i t y , t a x paym ents, and ta x overpayment f o r a l l r e tu r n s ; a ls o
s e le c te d item s f o r re tu r n s w ith ite m ize d deductio n s
PART I . - ALL RETURNS
A djusted g r o s s income c l a s s e s 1 /
1
2
5
4
S
6
7
8
9
LO
1112
13
14
16
16
17
18
19
20
22
21
23
24
26
26
27
28
29
30
51
52
85
54
56
56
57
58
59
40
41
42
45
44
46
46
47
48
T axable r e tu r n s :
under 0 .7 5
0 .7 5 under 1
1 under 1 .2 5
1.2 5 under 1 .5
1 .5 under 1 .7 5
1 .7 5 under 2
2 under 2 .2 5
2 .2 5 under 2 .5
2 .5 under 2,7 5
2.7 5 under 3
5 under 3 .5
5 .5 under 4
4 under 4 .5
4 .5 under 5
5 under 6
under 7
7 under 8
under 9
9 under 10
under 11
under 12
12 under 15
15 under 14
14 under 15
15 under 20
20 under 25
25 under 30
50 under 40
40 under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 under 100
100 under 150
150 under 200
200 under 250
250 under 500'
500 under 400
•
400 under 500
500 under 750
750 under 1 ,0 0 0
1 .0 0 0 under 1 ,5 0 0
1 ,5 0 0 under 2 ,000
2 .000 under 5 ,000
5 .0 0 0 under 4 ,0 0 0
4.000 under 5 ,0 0 0
5 .0 0 0 o r more
T o t a l ta x a b le re tu r n s
N ontaxable r e tu r n s) 5 2 /
No a d ju ste d g r o s s income 5 /
Under 0 .6
0 .6 under 0 .7 5
0 .7 5 under 1
1 under 1.2 5
1 .2 5 under 1 .5
1 . 5 under 1 .7 5
1 .7 5 under 2
2 under 2 .2 5
2.2 5 under 2 .5
2 .5 under 2 .7 5
2.7 5 under 5
5 under 3 .5
5 .5 under 4
4 under 4 .5
4 .5 o r more
T o ta l n ontaxable re tu r n s
Grand t o t a l
T axable r e t u n s w ith a d ju ste d g r o s s income
under $5,000 and nontaxable re tu rn s
Taxab le re tu r n s w ith a d ju ste d g r o s s income
o f >5.000 o r more
0.6
6
8
10
11
T o ta l
number o f
re tu r n s
368,453
1,201^660
l) l5 5 ) 5 1 5
1^507^851
1^693^386
1^640^026
2)067)055
2,065^115
2*163^146
2,422^594
4^593^587
4)075)219
3Ì30CL418
2 ,4 3 9 ,9 8 2
3^025^105
1^523^868
'7 9 7 *0 5 4
469,495
2 99 )177
2 15 )9 0 4
156)347
125)578
99)119
82*566
256^019
159^837
9 l)lO S
45^557
S a la r ie s
and
wages 1 0 /
227,528
940,360
1 ,1 78)077
1)807)977
2)397)459
2)745)411
S)856)034
4)563)584
5)124)584
6)226)120
13)545)057
13)8 7 9 )0 5 4
12)632)244
10)524)141
14)438)855
8)126)991
4)519)041
2)701)975
1)728)593
1)288)780
*946)927
777)951
621,657
5 4 0 )l9 9
1,8 5 5 )5 0 9
l)2 0 S )S 9 4
*847)817
1 ,0 8 8 )5 7 1
*679^946
2 5 )0 6 4
4 5 4 )4 3 0
15^535
506)765
2 2 l)5 0 5
166)157
128)255
S50)615
133)105
7 l)5 8 2
35)825
57^678
19^960
20^904
5*923
3*632
1*479
1*9 6 2
*229
221
170
9 )9 9 5
7^083
5 )0 12
11*564
3^948
l)8 7 2
*896
891
599
446
177
114
41
55
12
9
8
«& TAB
404,534
3 ,7 8 0 ,0 1 3
900,559
1 ,1 1 1 ,0 9 7
1 ,3 3 5 ,3 5 1
1 ,0 7 7 ,9 8 5
1 ,0 1 7 ,5 7 4
1 ,1 2 1 ,8 9 1
712,305
798,872
7 4 4,882
455,174
794,942
573,252
144,611
1 0 0 ,5 7 4
A nn uities
D ividends 1 1 / [n te r e st 12/ and
pensions 1 5 /
2,159
6,746
1 0 ,756
1 8 ,246
24,799
2 3 ,771
53,055
59,353
44,198
43)550
99)094
95,600
102,733
102,622
1 96,690
165,166
146,476
142,672
131)142
117)555
1 0 7,774
109,105
99,819
91,459
598,190
555,540
267,081
425,495
355)441
247)861
198,554
160,905
159,496
120)079
586)592
205)692
156,449
68,Iff!
1,065
6 ,472
6,992
14,139
25,422
23,512
22,922
25,124
23,795
31,766
58,560
52,602
63,953
55,218
98,559
75,356
53,619
49,857
41,150
35,784
33,476
27,474
25,242
23,243
9 2 ,049
66,683
55,721
77,503
49,212
52,531
23,707
17,681
1 5 ,825
10,959
51,302
1 4 ,514
9,277
4,4 7 0
5,457
5 ,856
4,549
2 ,686
1 ,9 1 8
625
995
172
56
2 .584
109)525
74)661
98)206
60,616
50,155
32,057
2 9 ,7 4 4
12,585
16)928
57*756
199' mUT-fiM ------ S 617 fiTff ---- 1-55075
116,998
1 ,0 9 5 ,0 1 5
435,324
644,556
1 ,0 0 5 ,0 2 2
1 ,0 1 2 ,8 7 5
1 ,1 6 7 ,7 0 9
1 ,5 5 6 ,5 4 6
1 ,1 4 9 ,8 4 5
1 ,5 1 0 ,8 0 5
1 ,5 5 8 ,8 9 0
1 ,0 8 7 ,2 4 1
2 ,1 1 5 ,3 5 7
1 ,1 7 9 ,7 5 7
511,424
394,014
U,878,416 16.5877186
26,795
15,255
11,478
25,640
27,398
2 6 ,704
1 7 ,7 5 4
2 1 ,952
11,142
10,406
8 ,440
5,6 5 1
8,5 9 2
4,481
5,170
1 8 ,9 6 6
1 2 ,706
1 9 ,5 7 1
1 1 ,4 7 4
25,145
2 7 ,651
25,747
1 7 ,516
13,616
11,757
8 ,2 6 3
7 ,5 4 0
3 ,821
5 ,245
2,989
2 ,4 6 4
6,729
--6(557m
43,2 8 8 ,5 7 7
5 ,2 7 1 ,4 0 7
986,030
R ents and
r o y a lt i e s 1 4 /
Net’ 'l o s s
B u sin ess and
p r o fe s s io n 1 5 /
p a rtn e rsh ip 1 6 /
4,858
15,533
19,591
39,472
44,681
46,027
82 ,0 5 4
87,727
90,686
124,459
228,214
267,017
244,900
260,990
441,614
372,958
512,280
291,215
255,597
233,600
202,961
195,451
179,585
167,469
655,594
531,980
396,470
561,965
565,973
260,795
195,956
140,859
110,688
84,306
252,852
104,599
52,805
26,424
30,3 5 4
10,615
16,593
4,282
4,715
612
1 ,2 8 4
2 ,890
---- 577T9T7) 2.5Ô274Ô5 "2537(55! 15.6&£«&£h
(53)
1 ,7 1 4
2,364
9,265
8 ,8 6 5
10,947
14,148
15,580
22,883
23,386
41,422
52,492
34,094
22,072
40,975
29,570
18,096
16,185
12,991
12,786
9,145
16,415
9 ,516
7 ,928
29,57S
22,685
16,447
25,650
15,146
10,682
7 ,6 4 5
6,490
5,690
4,646
16,664
10,510
4,470
2,985
3,508
5,116
5,698
2,459
1,514
494
1,805
451
275
118
6 0 8 , 'Vói
8.01 4 .8 7 6
16,785
1 1 4,250
81,526
173,159
282,655
280,533
524,054
369,651
245,845
■ 268,989
265,247
155,472
515,802
151,106
7 1 ,1 9 4
8 4 ,0 1 4
758,250
47,672
14,058
23,245
21,069
32,273
11,370
20,365
9 ,7 8 0
11,755
6,145
9,587
6,779
4,992
2,491
10,049
21.058
21,497
14,868
25,491
58,575
45,721
45,512
60.058
39,816
48,754
48,329
52,781
66,273
28,500
10,185
17,655
454
2,873
2,166
8,120
20,721
11,030
12,109
8 ,371
15,069
14,132
20,560
1 2 ,842
1 7 ,9 6 6
1 6 ,1 « )
2 1 ,574
12,697
11,598
7,187
5,619
4,078
4,569
5,399
2 ,684
2,465
8 ,7 4 0
5 ,460
5 ,9 1 1
6,045
5,267
2,445
1 ,5 6 8
1 ,4 4 2
966
871
2,577
1 ,116
854
544
456
257
248
105
85
50
128
11
56
51
3,156
14,975
17,579
31,594
43,691
45,885
56,612
57,462
54,521
68,507
132,131
127,756
134,457
115,722
203,828
144,854
121,502
8 9 ,083
75,045
67,391
57,598
50,525
47,400
45,416
157,472
106,199
85,525
1 16,100
70,646
47,678
34,651
25,546
20,995
1 4 ,5 4 3
46,095
20,212
11,106
6 ,976
7,407
6,1 2 5
4,597
5,468
1,4 7 8
1 ,159
1 ,910
17
479
5
(33)
1 ,5 9 2
1,158
3,559
5,213
5,271
5,536
7 ,5 1 6
6 ,4 6 1
1 0 ,925
17,575
18,477
1 9 ,410
1 2 ,791
20,401
1 3 ,5 5 2
8 ,2 2 3
9,439
5,040
3,6 0 8
4,057
2 ,790
2 ,570
2,549
9 ,1 6 5
7 ,0 1 4
4,665
6,174
4,057
2,205
1 ,9 5 2
1 ,167
820
1 ,2 6 9
3 ,012
1 ,2 7 0
841
457
1 ,015
215
398
123
60
47
49
1 9 ,9 6 !
49,576
48,156
149,546
172,221
162,762
298,649
299,354
313,616
414,265
773,894
749,015
727,082
650,573
956,512
784,798
642,578
571,854
498,411
420,179
365,716
355,795
289,013
265,407
980,517
657,762
466,571
580,594
555,050
195,024
127,451
87,545
64,948
4 5 ,7 0 4
108,929
45,033
1 9 ,243
8 ,1 1 5
1 2 ,167
2,947
5 ,9 7 2
4,033
4,147
99
1 ,095
22
545
2,048
4,206
6 ,9 2 4
15,341
50,871
20.526
21.527
14,822
8 ,725
9 ,015
5 ,8 4 1
1 .749
2,529
40,797
50,527
5 4 ,811
7 0 ,570
85,899
60,752
48,741
55,261
58,948
59,660
50,055
15,782
2 4 ,572
1 3 ,844
8 ,150
1 5 .8 9 4
47,295
1 1 ,600
5 ,0 7 4
2,455
3,975
4,5 5 1
1,365
2 ,636
4,505
2 ,212
2 ,0 5 6
757
1 ,849
1 ,467
1 ,832
5,595
(33)
2.7 5 0
3 ,425
(55)
125
(33)
905
6,565
605
1 ,9 1 4
1,569
3,175
4,449
7 ,280
7 ,310
8,802
5,725
8,526
11,832
10,278
4,601
3,602
2 ,872
3,556
3,470
3,056
2,845
9,770
7 ,026
5 ,278
6,505
7 ,025
5,549
5,205
2,600
2,522
1,452
4,863
2,672
1,515
1,117
1,512
755
1,728
1,115
590
251
550
177
42
20
1 6 8 , 874
817
5,851
4,203
12,451
16,779
10,407
17,566
19,894
27,143
37,148
65,066
66,303
85,777
72,919
132,642
155,665
113,340
92,503
74,110
69,856
56,585
52,168
49,896
45,462
178,165
134,689
101,002
160,529
114,755
85,785
69,888
55,555
51,152
44,374
156,605
98,251
68,851
47,469
67,952
45,697
88,787
43,591
49,920
16,178
31,555
15,528
8 ,100
12.402
5 .000.445
959
(33)
1,390
2,745
3,295
2,399
4,052
7 ,177
6,186
6 ,000
14,941
16,662
17,525
15,181
22,801
18,865
11,609
8,677
7 ,6 0 0
6 ,654
5,751
5,055
4,218
5,828
15,040
9 ,397
6,178
8,217
4,646
2,816
1,852
1 ,2 5 1
902
685
1,496
510
277
117
118
52
55
56
15
10
6
4
1
2
245,392
187,740
6,855
5,145
4,447
7 .5 9 8
4.599
6 ,5 0 4
5,805
77,520
16,430
5,435
15,024
18,710
16,728
18,042
16,385
12,968
10,452
9,825
8,441
11,897
7,552
3 ,805
8 .952
16,742
14,405
2,896
5 ,100
7,955
6 .716
5,507
4,946
4 ,974
5,058
4,405
2,825
1 ,523
1,555
1,359
1 .716
2,211
3,715
1,949
2 ,922
1 ,187
(53)
(S 3 )
3.077
Miss
1,259,150
514,956
116,857
S a le s o r exchanges
o f c a p ita l a sse ts 17/
1 ,6 9 0 ,6 0 5
1 18,028
8 ,8 5 7 ,3 2 6
369,520
6 ,4 5 8 ,8 6 7
2 è l,ë 7 Ï
69é,2ÎO
119,414
2,56 2 ,5 4 1
1
2
3
4
5
6
7
8
1190
112
15
14
15
16
17
18
19
2210
22
25
24
25
26
27
28
29
50
51
52
55
34
55
56
57
38
59
40
4L
42
45
44
45
46
47
48
49
SO
SI
52
55
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
148,721
F or footnotes, see pp. 9—10; for extent to which data are estimated, see pp. 3— 1.
Table 2« • Individual returns for 1950, toy 'taxable and nontaxable returns and by adjusted gross Income classess Number of returns. Income or loss f r o m each
of the sources comprising adjusted gross Income, adjusted gross Income, exemption, tax liability, tax payments, and t ax overpayment for a l l returns; also
selected Items for returns with itemised deductions - Continued
69
F or footnotes9 see p p . 9—1 0 ; for extent to which date are estimated]
lee pp. 3— 4.
Table 2* - Individual returns for 1950, toy taxable and nontaxatole returns and toy adjusted gross Income classest
Number of returns. Income or loss f r o m each
of the sources comprising adjusted gross income* adjusted gross Income, exemption, tax liability, tax payments, and t ax overpayment for a l l returns; also
selected items fo r returns with itemised deductions - Continued
PART I . - ALL RETURNS - Continued
1
2
3
4
5
6
7
8
9
1121
10
IS
14
15
15
17
18
19
21
20
22
23
24
25
26
27
28
29
50
51
32
S3
34
55
36
37
38
59
40
41
42
45
44
45
46
47
48
50
51
52
53
54
55
56
57
58
59
60
61
62
65
64
65
66
67
68
Income from
e s t a t e s and
0 ,6 under 0 .7 5
.
(S 3 )
778
0 ,7 5 under 1
(53)
(5 3 )
1 ,619
1 under 1 .2 5
(S 3 )
(3 5 )
2,860
1 .2 5 under 1 .5
(3 3 )
1,597
2 ,618
1 .5 under 1.7 5
1 ,446
844
8,580
1 .7 5 under 2
1 ,4 8 1
2,727
9 ,552
2 under 2.2 5
2 ,744
1 ,716
10,146
2 .2 5 under 2 .5
899
1,493
7 ,747
2 .5 under 2,7 5
1,377
2,345
6 ,896
2 .7 5 under 3
2,138
1,247
12,568
5 under 5 .5
2,9 6 1
4*854
22,195
3 .5 under 4
3 ,227
7 ,473
16,935
4 under 4 .5
4,191
4,729
1 9 ,614
4 .5 under 5
6,067
6 ,581
14,948
5 under 6
8,417
8 ,523
41,849
under 7
3 f5o<5
4 ,221
28,217
7 under 8
5*167
5*555
37,219
under 9
4*065
2 ,590
54,252
9 under 10
5 ,1 9 4
1,7 1 9
31,410
under 11
2 ,976
1 ,986
3 2 ,154
under 12
1*605
1,2 9 6
30,423
under I S
2 ,070
1,299
29,395
15 under 14
1 ,1 9 2
1*351
28,599
1 4 under 15
1*785
1 ,1 1 7
2 5 ,064
15 under 20
4,462
4,368
99,245
under 25
3 ,571
5,2 2 6
8 8 ,5 2 6
25 under 30
2 ,109
1 ,945
78,612
30 under 40
2 ,392
2,998
117,563
40 under 50
1,4 5 5
2 ,721
8 4 ,575
50 under 60
1*095
1 ,6 5 2
71,009
60 under 70
662
964
56,495
70 under 80
662
783
44,559
80 under 90
150
519
36,066
90 under 100
151
529
35,020
100 under 150
416
1,159
114,135
150 under 200
450
816
67,668
200 under 250
34
227
5 1 ,258
250 under 300
117
181
50,706
300 under 400
65
448
59,516
400 under 500
18
562
17,807
500 under 750
40
40
54,621
750 under 1 ,0 0 0
8
1*065
29,855
under 1 ,5 0 0
14
197
24,815
1 ,5 0 0 under 2 ,0 0 0
52
20,568
"
under 5 ,0 0 0
4
4
1 7 ,301
5 .0 0 0 under 4 ,000
13*070
•
•
4 .0 0 0 under 5 ,000
61
13,809
*
5 .0 0 0 o r more
5 .580
T o t a l ta x a b le r e tu r n s
80.257
8 8 .3 5 2
1 .6 4 0 .4 2 0
Nontaxable r e tu r n s ; 3 2 /
No a d ju ste d g r o s s Income 5 /
1 ,6 9 4
5 3 ,140
10,318
Under 0 .6
1 ,167
7 ,2 0 4
5 ,0 8 4
0 .6 under 0 .7 5
749
1 ,162
4,388
0 .7 5 under 1
1 ,5 0 2
5,981
5,035
1 under 1 .2 5
1 ,0 8 5
5 ,5 4 1
5,742
1 .2 5 under 1 .5
2,409
5,729
6 ,208
1 .5 under 1 .7 5
1*156
4,919
2,558
1 .7 5 under 2
4 * 415
2,878
5 ,717
2 under 2 .2 5
2 ,061
3,245
950
2 .2 5 under 2 .5
(5 3 )
5,285
1 ,5 5 3
2 .5 under 2 .7 5
678
1 ,3 9 5
4,859
2 .7 5 under 3
340
(5 3 )
•
5 under 5 .5
1 ,045
2 ,580
1 ,653
3 .5 under 4
1 ,4 6 6
(3 3 )
1 ,6 6 4
4 under 4 .5
(53)
(3 3 )
(33)
4 .5 o r more
M L.
------- 22,951 — 97 .0 9 4 ________-C
T o ta l n ontaxable re tu r n s
S9.64Ï
Grand t o t a l
105.186
185.446
l.io o .o li
Taxable re tu r n s w ith a d ju ste d g r o s s incorna
51,457
133,618
198,699
under $5,000 and nontaxable re tu r n s
T axab le re tu r n s w ith a d ju ste d g ro e s income
5 1 ,731
51,828
1 ,5 0 3 ,5 7 3
o f $ 5 ,000 o r more
PP«
to which d a ta a r e estim ated . se e pp< 3-4«
6
8
10
11
12
20
1.000
2.000
M isce l
laneous
income 2 0 /
2,320
10,789
15,116
17,161
16,593
1 7 ,237
23,388
26,582
30,443
52,863
50,755
5 4 ,6 5 4
41,496
32,812
66,406
49,445
26,653
27,763
2 0 ,213
16,567
12,257
1 1 ,641
1 0 ,7 8 2
11,255
35,555
22,025
18,078
2 1 ,864
12,709
9 ,099
5 ,745
5 ,4 0 6
3,650
5,417
3,822
1 ,7 4 6
695
278
398
201
247
47
80
153
75
6
21
14
768,476
1 0 ,262
13,776
10,883
16,108
28,651
21.106
2 1 ,4 9 4
24,506
1 7 ,300
1 6 ,471
1 7 ,641
1 3 ,855
1 9 ,765
9 ,986
4,977
3.841
A djusted
g ro ss
incorna 2 /
261,501
1,049,301
1 ,2 9 7 ,7 3 !
2,083,811
2,745,812
3 ,0 7 5 ,1 2 !
4,387,731
4,903,162
5 ,691,288
6,9 6 1 ,1 0 7
14,912,416
15,2 4 2 ,5 7 0
15,9 8 8 ,0 8 6
11,5 6 9 ,6 0 5
1 6 ,4 8 6 ,5 0 5
9 ,8 2 0 ,0 0 5
5 ,9 5 7 ,5 1 5
3 ,9 7 0 ,9 1 1
2 ,8 3 1 ,1 3 2
2,261,011
1 ,7 9 5 ,8 8 3
1 ,5 6 3 ,7 2 0
1 ,3 3 5 ,5 7 5
1 ,1 9 2 ,9 5 1
4 ,3 9 6 ,9 9 0
5 ,1 1 0 ,4 8 3
2 ,2 8 1 ,3 8 1
3 ,1 2 6 ,8 7 5
2 ,0 1 7 ,2 0 5
1 ,5 6 7 ,0 6 7
1 ,0 0 3 ,7 6 1
746,954
599,659
474,876
1 ,5 8 6 ,5 1 9
676,791
414,603
244,253
304,555
177,646
268,645
150,817
1 5 8,581
72,105
83,457
41,676
39,599
57.989
1^0*545.122
8 /7 2 6 ,2 0 2
r ,265,068
595,526
976,107
1 ,5 0 6 ,5 0 0
1 ,4 6 3 ,2 4 6
1 ,6 5 5 ,9 5 9
2 ,1 0 6 ,0 9 8
1 ,5 1 4 ,6 2 1
1 ,8 9 8 ,5 8 7
1 ,9 4 1 ,3 9 7
1 ,3 0 8 ,3 8 1
2 ,5 5 7 ,8 8 4
1 ,5 9 4 ,3 2 2
612,305
557.555
rToß.oTT ” 9 / 1.7 9 .1 4 8 .2 7 6
Amount o f
exemption 2 1 /
221,072
720,996
695,509
1 ,1 7 6 ,7 3 0
1 ,4 0 1 ,5 7 7
1 ,3 6 7 ,139
2 ,2 0 4 ,6 1 8
2 ,2 6 9 ,9 8 8
2 ,6 1 7 ,9 0 2
3 ,4 2 4 ,3 1 9
7 ,0 2 0 ,6 5 1
7 ,0 0 1 ,1 0 0
6 ,0 8 5 ,262
4 ,6 0 7 ,4 2 6
5 ,7 8 9 ,5 5 3
2 ,8 8 6 ,4 9 1
1 ,5 2 S ,0 1 5
894,534
574,950
417,728
306,145
246,200
195,735
162,712
510,469
282,271
169,716
184,005
91,555
49,927
30,520
19,560
13,776
9 ,6 2 1
21,937
7 ,370
5,461
1 ,591
1 ,577
691
779
290
188
58
56
14
15
15
SS.âôô.èéô
605,357
5 ,1 5 9 ,4 0 3
1 ,0 2 0 ,3 9 8
1 ,7 6 4 ,8 1 0
2 ,1 7 5 ,2 4 8
2 ,0 4 7 ,6 1 6
2 ,1 8 8 ,5 6 2
2 ,5 0 1 ,8 2 9
1 ,8 5 6 ,7 0 8
2 ,1 4 0 ,9 6 5
2 ,0 5 3 ,948
1 ,4 5 7 ,4 3 8
2 ,6 3 3 ,7 6 0
1 ,3 7 6 ,9 7 2
576,253
426.028
Tax l i a
b ility 5/
2,470
57,867
79,410
117,669
179,800
233,325
290,776
357,094
416,807
474,177
1 ,0 6 1 ,8 8 6
1 ,1 1 5 ,3 5 6
1 ,0 7 8 ,5 9 5
965,188
1,502 ,3 5 5
999,266
654,927
472,667
554,503
296,894
246,567
225,583
201,507
186,828
757,996
615,381
505,858
791,446
590,640
446,682
357,167
281,649
256,089
195,419
615,196
328,914
209,388
129,918
165,726
97,526
152,615
87,266
82,542
44,275
48,833
25,401
25,309
34.390
■
a
•
•
•
•
m
..
•
_
m
•
•
Tax
w ithheld
17,847
75,824
96,057
140,305
193,803
256,859
308,652
566,516
427,592
489,495
1 ,0 8 0 ,2 5 8
1,11 5 ,1 1 5
1 ,0 5 0 ,5 9 0
9 1 l)S 4 0
1 ,5 7 9 ,1 2 1
845,568
495,008
306,245
200,913
152,498
115,241
96,128
77,402
66,993
239,521
165,560
118,588
157,919
100,983
66,524
46,807
54,626
26,092
19,890
50,332
20,229
10,762
5 ,481
5,622
2,850
3,117
1 ,032
520
193
129
52
12
16
Payments
on 1950
d e c la ra
tio n 2 2 /
380
1 ,764
2,949
4,820
8,148
11,444
14,609
17,053
18,668
25,525
50,617
55,625
59,751
61,244
119,639
114)597
105,345
99,531
94,797
89,541
84,072
85,592
78,255
77,056
540,407
506,669
262,115
456,873
545,624
272,042
224)552
183,576
156,488
132,686
430,596
242,149
161,564
101,570
180,776
79,703
124,617
74,435
70,474
40,781
45)517
21,115
23,158
Sl'.114
9 ,787
81,1 1 4
24,278
22,185
S 5'508
28,076
28,705
37,951
20,685
27,554
28,063
16,380
35,782
19,485
10,608
10.815
20,677
8,273
1,170
3,362
3,447
4,055
4,031
4,496
2,812
2,128
1 ,515
1,187
3,565
1,511
1 ,066
5.366
Tax due
a t time
of filin g
445
5,456
10,986
14,287
22)306
25^148
28,791
34,430
57,094
41,558
90,855
98,847
99,246
95)535
142,955
117,805
100,268
91)585
78)513
70)417
62)584
58)872
55,539
S l)5 5 1
210)558
170)253
141,186
218)904
158,263
117,417
92,169
68,987
57,602
46,019
141)912
71,417
40,292
24,360
51)669
16)461
26)858
12,748
12,293
3)365
5,689
4,551
2 )l4 0
5.321
Overpayment
(re fu n d , o r
c r é d it on
16,205
45)179
S0)582
4 l)?4 2
44)456
40 )l0 5
61)256
60)705
66)547
8 0 )l9 6
159)844
154,251
130)791
100)950
159)380
78)504
45,691
24,696
19,525
15)562
l s ) 330
m
m
4
5
6
7
8
9
10
1123
11
14
15
16
17
is)ooe
9*466
8 )7 7 1
52,489
25)082
16,027
22)248
14)251
9)301
6)542
5)539
4,094
5 )l7 5
9)443
4)681
5)230
l)4 9 5
2)362
l)4 8 7
l)9 7 7
'949
945
62
501
76
60
50*464
89*566
m
m
12
5
2 5 )4 4 5
25)548
56)955
52)151
32)758
42)428
23)497
29)685
29)599
17)565
57*547
spssssaassispg
A djusted g ro s s Income c l a s s e s 1 /
c u e s o r excnanges oi
p ro p erty o th er than
c a p ita l a ss e ts 18/
Net g a in
Net l o s s
20)995
11)663
16)172
620,807
9 /l0 8 ,7 7 0 ,4 0 3
8 5 .1 9 3 .0 6 4
6 8 ,7 9 4 ,9 85
6,41 0 ,4 1 9
6 ,9 4 2 ,5 8 5
398,846
3 .106.883
602,984
¿.0 6 7 .9 0 8
1 ,5 5 3 ,9 8 5
398,267
70,3 7 7 ,8 7 3
1 4 ,5 9 8 ,0 79
11,9 6 4 ,5 0 5
4 ,8 0 7 ,9 5 4
5,18 4 ,5 8 2
2,505 ,8 9 9
533,925
—J
M
CO
tabla 2• - Individual returns for 1960, by taxable and nontaxable raturns and by adjusted gross income classes: Busbar of returns, income or loss frau eaoh
of tha s<raroes comprising adjusted gross income, adjusted gross income, exemption, tax liability, tax payments, and tax overpayment for all returns» also
•alaotad items for returns with itemised deductions * Continued
PART I I . - RETURNS WITH ITEMIZED DEIXJCTIONS 2 3 /
Adjusted
gross
income z j
taber
of
returns
1
2
3
«
6
6
7
8
9
10
11
18
18
14
18
16
1T
18
19
220
1
22
28
24
26
28
27
28
29
80
SI
88
88
84
86
8«
»7
8
8
89
40
41
42
48
44
46
46
47
48
49
84/6,402
71,648
114,467
124,677
211,168
269,281
296,816
841,228
884,867
420,166
,026,623
1,068,128
986,077
716,848
1,088,164
628,836
281,086
144,896
92,968
70,886
68,033
60,498
41,668
86,692
133,997
86,071
66,609
68,733
87,400
21,667
18,728
9,119
6,614
4,867
10,961
8,803
1,888
876
880
893
440
176
114
41
38
12
8,804
64,122
129,082
171,686
848,788
486,642
681,187
810,602
1,011,489
1,210,267
3,888,041
8.951.638
3,967,861
3,401,476
6,634,187
8,869,749
1,871,809
1,221,726
879,848
787,656
666,828
680,330
660,299
681,660
2,813,448
1,919,600
1,681,669
2.864.639
1,666,642
1,182,460
887,282
681,669
661,693
441,281
1,814,296
661,948
407,801
288,817
800,847
174,916
268,262
149,030
188,881
72,105
79,081
41,676
89,699
67.989
oaTT
Losses BeJl'
deutal,
from
Contribu Interest taxes 26/
eto., ex
fire,
tions 24/ 26/
storm, penses
eto, 27/ 28/
184
4,097
8,692
10,128
20,471
28,432
84.783
44,427
81,684
67,806
151,847
170,581
168,086
136,648
220,946
134,914
72,069
48,423
34,999
29,979
26,186
24,832
20,896
19.783
81,240
68,298
48.291
70,631
48,882
84,688
26,880
20,919
17,876
14,684
46,844
26,801
18,842
11.292
16.447
9,828
14.447
9,877
7,747
4,864
8,484
8,889
2,686
6.968
874
I,
2,622
4,639
9,887
18,145
18,541
26,019
34,296
106,761
132,641
189,158
124,887
192,882
118,984
60,443
87,247
26,381
20,897
17,994
16,608
18,862
II,608
44,601
80,991
22,090
81.486
20,266
14.486
10,678
7,869
6 ,886
6,026
16,634
7,832
4,916
2,664
8,168
2,180
2,647
1,106
641
842
212
68
98
184
88
2,406
6,810
890
6,717
12,891
18,906
28,486
81,401
39,778
49,162
188,728
169,698
167,898
136,342
226,647
184,621
76,188
60,376
86,886
80,716
28,194
26,082
28,483
22,466
92,482
78,984
67,726
94,221
67,480
89,706
29,249
22,179
18,077
14,802
43,091
20,609
12,908
7,831
9,903
6,806
7,112
4,284
4,086
1,668
2,246
829
966
862
646
1,170
1,378
2,867
3,681
4,714
4,668
6,676
13,296
20,278
22,617
16,880
29,129
18,466
12,164
6,770
4,286
4,860
3,069
2,730
2,497
2,116
8,844
6,484
4,795
6,920
4,783
8,896
2,862
2,297
1,949
1,728
4,848
2,806
1,689
1,009
1,648
879
1,138
817
411
167
862
15
14
total
Miscel
deduc
laneous
tions
deduc
tions 29/
168
8,882
10,482
14,349
21,248
28,707
88,027
46,840
84.118
68,891
148,264
146,980
183,789
101,676
146,294
87.118
47,320
29,860
20,489
16,644
18,486
11,639
8,912
7,884
26,189
18,887
8,802
9,761
8,168
2,748
1,806
888
683
641
916
248
107
89
26
11
11
(88 )
dollars)
Amount
of
exanp~
Net
wet
deficit
income 30/
395
1,876 12,646
8,244 80,663
6,168 40,839
10,429 71,052
15,329 104,129
19,878 154,847
26,899 169,820
32,668 207,799
82.469 283,801
106,063 668,982
127,661 767,679
186,067 757,016
138,866 647,179
236,462 l/K0,Zli
187,208 646,211
96,208 363,879
64.179 286,868
47,861 170,402
41,024 142,622
36,480 124,281
80,835 112,626
24,925 94,086
28.469 86,763
86,061 337,768
69,938 249,971
42,018 188,716
67,954 260,914
89,807 176,220
27.179 122,148
20,062 90,830
18,892 69,684
13,996 68,667
9,882 46,657
82,496 148,827
16,417 78,607
18,968 62,824
6,899 29,428
8,869 38,647
6,409 24,618
6,228 81,578
6,291 21,176
2,646 16,886
9,806
2,710
9,986
1,192
4,900
863
4,368
619
9.988
1.471
ÌÌT
3,410
61,476
98,418
151,848
272.781
582,416
496,840
640.782
808,689
976,487
2,669,108
8,194,160
8,210,887
2,764,299
4,683,974
2,728,689
1,607,980
986,872
27
3,241
1,616
42,929
6,082
68,674
7,887
86,880
15,660
188,781
24,748
289,162
54,875
296,607
42,986
894,466
68,276
467,682
66,809
592,023
184,268
1,809,498
230,761
1,870,408
266,162
1,742,028
234,681
1,410,651
442,913
2,068,641
294,656
1,049,182
179,424
600,248
126,908
288,228
96,777
186,286
86,674
141,484
81,192
119,085
81,728
101,860
76,657
84,920
76,140
78,937
871,564
274,470
369,952
177,011
329,713
117,120
681,862
189,817
476,660
76,879
379,676
.48,299
310,916
27,048
264,072
17,863
214,816
12,679
180,064
8,939
677,472
20,788
816,619
7,108
206,192
8,400
126,948
1,665
168,700
1,668
685
96,921
160,722
770
86,395
286
82,542
188
44,276
68
46,644
49
26,401
14
1
.
26,809
IS
84.890
16
i
Ï M C r r . » w g -latore
16
(35)
140
602
214
8,013
1,826
747
7,848
1,628
766
10,896
8,604
1,468
19,887
3,467
2,674
80,918
4,488
2,941
42,322
6,221
4,008
68,481
6,862
4,949
69,188
6,444
6,640
79,088
14,782
14,664
222,024
18,688
16,169
271,970
16,896
18,819
287,161
16,633
17,262
266,090
83,010
86,218
466,286
28,146
52,626
288,078
19,178
80,828
167,966
18,006
26,226
97,240
16,078
26,411
67,878
14,406
24,919
66,187
18,922
27,228
48,283
14,967
29,987
46,521
16,179
28,970
38,360
14,842
81,474
88,944
77,688
166,667
160,162
76,666
188,966
116,167
76,669
90,233 1 176,298
829,964 189,088
181,486
286,288 118,841
89,901
91,204
286,167
60,808
74,294
198,648
48,780
58,626
167,921
82,642
49,708
148,972
24,996
40,484
128,696
19,066
409,887 128,182
49,008
66,488
19,889 ! 283,966
89,032
188,660
10,720
22,666
100,419
6,846
81,024
129,428
6,609
16,682
78,691
2,886
26,667
122,927
8,103
12,698
78,616
1,028
12,298
70,474
620
8,868
40,781
198
8,607
48,614
124
4,881
21,116
82
2,140
28,168
12
8.821
81,114
16
I'.KOT.Wy S.M2.Y5T H T B O B T
9,787
608,367
• 746,408
•
704
87,998
> 6,946
•
1,044
39,162
1 6,896
•
2,668
80,681
8 2,188
m
2,644
91,6661
B 2,981
m
4,174
168,048
1 1,147
m
4,977
142,271
3 1,610
m
8,618
124,1601
7 2,166
«
6,690
200,886i
6 1,428
m
6,482
166,814\
7 1,578
m
6,191
169,691f
2
(38)
m
6,901
204,284;
6
(88)
10,176
*
297,26!1
4
(88;
6,870
206,29]l
4
(88)
m
6,422
166,7641
9
(88)
m>
7,868
168,2645
1 17,209
:—
B
O B'
’
1.307*51
grafora
y g o r a riraw.*?*r T . T i o m ra.m.raa
g t’tô.èôlfll.gfel r T T T S ^ p nttfîïE
e
-
tax
(Jrerpaydus at i19 nt (re
time
itend, or
at
<1redit on
filing 3L961 tax)
Uyaents
tax lia- 1tax
>n 1960
rithheld
‘
lility
3
/
i
'
teslaration 22/
J 8,SSS,SV4» e,»S1 .1 6 Sij tsU TpM O
20,677
897
186
986
840
778
1,424
1,688
1,868
777
672
711
2,661
1,2741
1,011>
8,804t
•» —
3,99S p S N
r
•
•
•
•
•
•
•
*
«
. •
•
■
. *
«
«
182
2,215
4,838
4,839
8,998
12,804
14,847
19,724
21,712
26,668
67,112
74,276
68,204
66,864
82,600
49,188
28,646
14,662
11,086
8,986
8,284
8,490
6,863
6,619
22,884
18,758
12,486
18,778
12,426
6,602
6,762
6,817
8,869
8,041
9,066
4,708
3,220
1,486
2,862
1,487
1,964
942
946
82
601
78
60
T4Ì.44L
80,464
1,600
1,178
8,626
8,186
4,948
6,408
6,276
7,068
7,211
6,864
7,610
12,727
7,846
7,467
18.160
r' S O IT
H m sr
391,899
1
1
1
1
1
1
1
1
1
1
1
!
i
S
i
1
i
i
i
i
1
1
1
1
1
1
!
i
:
'
Footnote«
1/
Adjusted gross income classes are based
on the amount of adjusted gross income (see
note 2 ), regardless of the amount of net income
or net deficit when computed; returns with ad
justed gross deficit are designated "No adjust
ed gross income" without regard to the amount
and appear as the first class under nontaxa
ble returns.
Zj Adjusted gross income means gross in
come minus allowable trade and business deduc
tions, expenses of travel and lodging in con
nection with employment, reimbursed expenses
in connection with employment, certain deduc
tions of life tenants and income beneficiaries
of property held in trust, and allowable
losses from sales or exchanges of property.
Should these allowable deductions exceed the
gross income, there is an adjusted gross
deficit.
3/ Tax liability is the net tax payable
after deducting tax credits relating to income
tax paid at source on interest from tax-free
covenant bonds and to income tax paid to a
foreign country or possession of the United
States. Such credits are reported on returns,
Form 1040, with itemised deductions.
4/ This class includes nontaxable returns
with adjusted gross income exceeding the desig
nated class limit.
5/ Returns with no adjusted gross income
are returns showing adjusted gross deficit;
that is, returns on which the deductions
allowable for the computation of adjusted gross
income equal or exceed the gross income (see
note 2 ).
6/ Less than 0.005 percent.
7/ Not computed.
8/ Adjusted gross deficit.
9/ Adjusted gross income less adjusted
gross deficit.
10 / Salaries and wages include annuities,
pensions, and retirement pay reported in the
schedule for salaries, but exclude wages not
exceeding $100 per return from which no tax
was withheld, reported as other income on
Form 1040A (see note 20).
11/ Dividends, foreign and domestic,
exclude dividends not exceeding $100 per
return reported as other income on Form 1040A
(see note 20 ) and dividends received through
partnerships and fiduciaries.
12/ Interest received includes interest
on notes, mortgages, bank deposits, and interest
(before amortization of bond premium) from cor
poration bonds and from taxable and partially
tax-exempt Government obligations, and also in
cludes partially tax-exempt Government interest
received through partnerships and fiduciaries;
but excludes interest, not exceeding $100 per
return, reported as other income on Form 1040A
(see note 20).
15/ Income from annuities and pensions is
only the taxable portion of amounts received
during the year. Amounts received to the extent
of 3 percent of the total cost of the annuity
are reported as income for each taxable year,
until the aggregate of amounts received and
excluded from gross income in this and prior
years equals the total cost. Thereafter, entire
amounts received are taxable and must be in
cluded in adjusted gross income. Annuities,
pensions, and retirement pay upon which a tax
is withheld may be reported in salaries and wages.
14/ Rents and royalties net profit is the
e x c e s s if gross rents received over deductions
for depreciation, repairs, interest, taxes,
and other expenses attributable to rent income;
and the excess of gross royalties over deple
tion and other royalty expenses. Conversely,
net loss from these sources is the excess of
the respective expenses over gross income received.
15 / Net profit from business is the excess of
gross'roceipts from business or profession over
deductions for business expenses and the net oper
ating loss deduction due to the unabsorbed net
operating loss from business, partnership, and com
mon trust funds for two preceding years. Con
versely, net loss from business is the excess of
business expenses and net operating loss deduction
over total receipts from business.
16/ Partnership net profit or loss
excludes partially tax-exempt interest on
Government obligations and net gain or loss
from sales of capital assets. In computing
partnership profit or loss, charitable con
tributions are not deductible nor is the net
operating loss deduction allowed.
17/ Net gain or loss from sales or exchanges
of capital assets is the net gain or the allowa
ble loss used in computing adjusted gross income.
Each is the result of combining net short- and
long-term capital gain and loss and any capital
loss carry-over from the years 1945-49, inclu
sive, not previously deducted. Deduction for
the loss, however, is limited to the amount
of such loss, or to the net income (adjusted
gross income if tax is determined from the
tax table) computed without regard to gains and
losses from sales of capital assets, or to
$1 ,000, whichever is smallest.
Sales of capital assets include worthless
stocks, worthless bonds if they are capital
assets, nonbusiness bad debts, certain dis
tributions from employees’ trust plans, and
each participant’s share of net short- and
long-term capital gain and loss received through
partnerships and common trust funds.
18/ N et gain or loss from sales or ex
changes of property other than capital assets
is that from the sales of (1 ) property used
in trade or business of a character which
is subject to the allowance for depreciation,
(2) obligations of the United States or any
of its possessions, a State or Territory or
any political subdivision thereof, or the
District of Columbia, issued on or after
March 1, 1941, on a discount basis and
-
10
-
Footnotes - Continued
payable without interest at a fixed maturity
date not exceeding 1 year from date of issue,
and (3 ) real property used in trade or busi
ness.
of the United States if any portion thereof is
claimed as tax credit; and Federal social se
curity and employment taxes paid by or for the
employee.
19/ Income from estates and trusts
exclude partially tax-exempt interest on
Government obligations. (The net operating
loss deduction is allowed to estates and
trusts and is deducted in computing the distri
butable income.)
27/ Losses resulting from fire, storm,
shipwreck, or other casualty, or theft, reported
on returns with itemized deductions, are the
actual nanbuslness losses sustained, that is,
the value of such property less salvage value
and insurance or other reimbursement received.
20/ Miscellaneous income includes alimony
received, prises, rewards, sweepstakes winnings,
gambling prof its, recoveries of bad debts or
insurance received as reimbursement for medical
expenses if deduction for either was taken in
a prior year. For returns with standard deduc
tion, there are included $51,965,000 of wages
not subject to withholding, dividends, and
interest, not exceeding in total $100 per
return, reported as other income on 661,558
returns, Form 1040A.
28/ Medical mad dental expenses, reported
on returns with itemized deductions, paid for
the care of the taxpayer, his spouse, or de
pendents, not compensated by insurance or
otherwise, which exceed 5 percent of the adjust
ed gross income. The deduction cannot exceed
an amount equal to $1,250 multiplied by the
number of exceptions other than age and blind
ness, with a maximum of $2,500, except that on a
joint return of husband and wife the m aximum
is $5,000.
21/ Amount of exemption, allowed for
purposes of both normal tax and surtax, includes
$600 per capita exemption for the taxpayer, his
spouse, and each dependent, together with ad
ditional exemptions for the taxpayer and/or
his spouse, of $600 if blind, and $600 if 65
years of age or over.
29/ Miscellaneous deductions, reported on
returns with itemized deductions, include
alimony payments, expenses incurred in the
production or collection of taxable income or
in the management of property held for the
production of taxable income, amortizable bond
premium, the taxpayer's share of interest and
real estate taxes paid by a cooperative apart
ment corporation, and gambling losses not
exceeding gambling gains reported in income.
22/ Payments on 1950 declaration of esti
mated tax, reported on returns, Form 1040,
include the credit for overpayment of prior
year tax as well as the aggregate payments
mad«» on the declaration, Form 1040-ES.
25/ Returns w i t h itemized deductions are
long-form returns, Form 1040, on which non
business deductions are itemized; long-form
returns, Form 1040, with no deductions filed
by spouses of taxpayers who itemized deductions
(such spouses are denied the standard deduc
tion); and returns with no adjusted gross
income whether or not deductions are itemized.
24/ Contributions, reported on returns
with itemized deductions, include each part
ner's share of charitable contributions of
partnerships, but cannot exceed 15 percent of
the adjusted gross income.
25/ Interest, reported on returns with
itemized deductions, is that paid on personal
debts, bank loans, or mortgages, but excludes
interest paid on business debts reported in
schedules for business and rent income and
interest on loans to buy tax-exempt securities,
single-premium life insurance, or endowment
contracts*.
26/ Taxes paid, reported on returns with
itemized deductions, include personal property
taxes, State income taxes, certain retail
sales taxes, and real estate taxes except
those levied for improvement which tend to
increase the value of property. This deduc
tion excludes Federal income taxes; estate,
inheritance, legacy, succession and gift
taxes; taxes on shares in a corporation which
are paid by the corporation without reimburse
ment from the taxpayer; taxes deducted in the
schedules for business and rent income; income
taxes paid to a foreign country or possession
50/ Net income reported on long-form
returns, Form 1040, which have adjusted gross
income in excess of itemized deductions.
51/ Net deficit, reported on nontaxable
returns, Form 1040, classified as returns with
itemized deductions, consists of adjusted
gross deficit on short-form returns and the
net deficit on long-form returns resulting
from the combination of adjusted gross deficit
and itemized deductions or from the excess of
itenized deductions over the adjusted gross
income.
52/ Nontaxable returns are those with no
adjusted gross income and those with adjusted
gross income which income when reduced by de
ductions, standard or itemized, and exemptions,
results in no tax liability.
The 1,191,218
nontaxable returns with adjusted gross income
and with itemized deductions include 42,776
returns with net deficit.
55/ The number of returns associated with
this Item is subject to sampling variation of
more than 100 percent. Such items are not
shown separately since they are considered too
unreliable for general use; however, they are
included in totals. For description of sample,
see pp. 5 and 4.
54/ Number of returns is subject to maximum
sampling variation of 50 to 100 percent, depend
ing on the number in the cell. For description
of sample, see p p . 5 and 4.
T-IR-DC
- 3 -
m m
s u b je c t t o e s t a t e , in h e r it a n c e , g i f t o r o th e r e x c i s e t a x e s , w hether
F e d e r a l o r S t a t e , b u t s h a l l be exempt from a l l t a x a t i o n now o r h e r e a f t e r
im posed on th e p r i n c i p a l o r i n t e r e s t t h e r e o f by any S t a t e , o r any o f th e
p o s s e s s i o n s o f th e U n ited S t a t e s , o r by any l o c a l t a x in g a u t h o r it y *
Fo r
p u r p o se s o f t a x a t i o n th e amount o f d isc o u n t a t which T re a su ry b i l l s a r e
o r i g i n a l l y s o ld by th e U n ited S t a t e s s h a l l be c o n sid e re d to be i n t e r e s t *
Under S e c t io n s bZ and 117 (a ) ( l ) o f th e I n t e r n a l Revenue Code, a s
amended by S e c tio n 115 o f th e Revenue A ct o f 191*1, th e amount o f d isc o u n t
a t w hich b i l l s is s u e d h ereu n d er a r e s o ld s h a l l n ot b e c o n sid e r e d to
a c c ru e u n t i l such b i l l s s h a l l be s o l d , redeem ed o r o th e r w ise d is p o s e d o f ,
and such b i l l s a r e e x clu d ed from c o n s id e r a t io n a s c a p i t a l a s s e t s .
in g ly , th e owner o f T re a su ry b i l l s
(o th e r th a n l i f e
A ccord
in su ra n c e com panies)
i s s u e d h ereu n d er need in c lu d e in h i s income t a x r e tu r n o n ly th e d if f e r e n c e
betw een th e p r i c e p a id f o r such b i l l s , w hether on o r i g i n a l i s s u e o r on
su b seq u en t p u r c h a se , and th e amount a c t u a l l y r e c e iv e d e i t h e r upon s a l e
o r red em p tion a t m a tu r ity d u rin g th e t a x a b l e y e a r f o r which th e r e tu r n
i s made, a s o r d in a r y g a in o r l o s s .
T re a su r y D epartm ent C i r c u l a r No. U l8, a s amended, and t h i s n o t i c e ,
p r e s c r i b e th e term s o f th e T re a su r y b i l l s and govern th e c o n d itio n s o f
th e ir is s u e .
C o p ies o f th e c i r c u l a r may be o b ta in e d from any F e d e r a l
R eserv e Bank o r B ran ch .
dealers in investment securities.
Tenders from others must be accompanied
by payment of 2 percent of the face amount of Treasury bills applied for,
unless the tenders are accompanied by an express guaranty of payment by
an incorporated bank or trust company.
Immediately after the closing hour, tenders will be opened at the
Federal Reserve Banks and Branches, following which public announcement
will be made by the Secretary of the Treasury of the amount and price range
of accepted bids.
Those submitting tenders will be advised of the accept
ance or rejection thereof.
The Secretary of the Treasury expressly reserves
the right to accept or reject any or all tenders, in whole or in part, and
his action in any such respect shall be final.
Subject to these reserva
tions, non-competitive tenders for $200,000 or less without stated price
from any one bidder will be accepted in full at the average price (in three
decimals) of accepted competitive bids.
Settlement for accepted tenders
in accordance with the bids must be made or completed at the Federal Re
serve Bank on
January 22, 1953
* in cash or other immediately available
r
W
------- ----------funds or in a like face amount of Treasury bills maturing
January 22, 1933
x S tk
Cash and exchange tenders will receive equal treatment.
Cash adjustments
will be made for differences between the par value of maturing bills
accepted in exchange and the issue price of the new bills.
The income derived from Treasury bills, whether interest or gain frpm
the sale or other disposition of the bills, shall not have any exemption,
as such, and loss from the sale or other disposition of Treasury bills
shall not have any special treatment, as such, under the Internal Revenue
Code, or laws amendatory or supplementary thereto,
The bills shall be
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January 13, 1953
■
The Secretary of the Treasury, by this public notice, invites tenders
fcr $l«k00*9Q?«QQQ
t c r thereabouts, of
91 -day Treasury bills, for
cash and in exchange for Treasury bills maturing
January 22, 1953 , in
— ^gg.'4 m
'
the amount of $ 1,1+01,5^8 *000 » to be issued on a discount basis under
competitive and non-competitive bidding as hereinafter provided.
The bills
of this series will be dated
January 22, 1953
, and will mature
iKx
April 23^ 1953_____, when the face amount will be payable without in
terest,
They will be issued in bearer form only, and in denominations of
$1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Friday, January 16, 1953.
Tenders will not be received at the Treasury Department, Washington,
Each
tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, w i t h *
not more than three decimals, e. g., 99,925.
Fractions may not be used.
It is urged that tenders be made on the printed forms and forwarded^p. the
special envelopes which will be supplied by Federal Reserve Banks or Branches
on application therefor.
Others than banking institutions will not be permitted to submit tenders
except for their own account.
Tenders will be received without deposit from
incorporated banks and trust companies and from responsible and recognized
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C .
7.18
RELEASE MORNING NEWSPAPERS
Tue sday* January 13-, 1953.
S-3 2 9 1
The Secretary of thè Treasury* by'tills public notice invites
tenders for $1*400*000*000* or thereabouts* of 91-clay Treasury bills*
for cash and in exchange for Treasury bills maturing January 22* 1953>
in the amount of $1*401*548*000* to be issued on a discount basis
under competitive and non-competitive bidding as hereinafter provided.
The bills of t h i s .series will be dated January 22* 19531 and will
mature April' 23i 1953i when- the face amount will be payable without
interest.
They will be issued in bearer form, only* and. in
denominations of $1 *000* $5*000* $10*000* $100*000* $500 *000* and
$1*000*000 (maturity.value).
,
Tenders will be received a t .Federal Reserve Banks and Branches
up to the closing hour* tw o - o ’clock p.m,* Eastern Standard time*
Friday* January lb* 1953.
Tenders will not be received at- the
Treasury Department.* Washington . Each tender must be ;f or an even
multiple of $1*000* and in the case of competitive tenders the price
offered must be -.expressed on the basis of 100* with not more than
three decimals* e. g-. * 99.925.
Fractions may not be used.
It is
urged that tenders be made on the'printed forms and forwarded in the
special envelopes which will be supplied by Federal Reserve Banks or
Branches on application therefor.
Others than-banking institutions will not be permitted to submit
tenders except, for their own account.
Tenders will be received
without deposit from Incorporated banks and trust companies and from
responsible^ and recognised dealers in investment securities.. Tenders
from others must be accompanied by payment of 2 percent Of the face
amount of Treasury'bills applied for* unless the tenders are
accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour* tenders will be opened at the
Federal Reserve Banks and Branches* following which public announce
ment will be made by the Secretary of the Treasury' of the amount and
price range of accepted bids.
Those submitting tenders will be
advised of the acceptance or rejection thereof.
The. Secretary of the ;
Treasury expressly reserves the right to accept or reject any or all
tenders* in whole or in part* and his action in any such respect
shall be final.
Subject to these reservations* non-competitive
tenders for $200*000 or less without stated price from any one
bidder will be accepted in full at the average price (in three
- 2 -
decimals) of accepted competitive bids.
Settlement for accepted
tenders in accordance with the bids must be made or completed at the
Federal Reserve Bank on January
1953/ in cash or other
immediately available funds or in a dike face amount of Treasury bills
maturing January
1953.
Cash and Exchange tenders will receive
equal treatment.
Cash adjustments will bp made for differences
between the par value of maturing bills accepted in exchange and the
issue price of the new bills.
22,
.22,
The income derived from Treasury bills, whether interest or
gain from the sale or other disposition of the bills, shall not have
any exemption, as such, and loss from the sale or other disposition
of Treasury bills shall not have any special "treatment,., as such,
under the Internal Revenue' Code, or laws amendatory or supplementary
thereto.
The bills shall be subject to estate, inheritance, gift or
other excise taxes, whether Federal or State, but shall be exempt
from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the
United States, or by any local taxing authority.. For purposes of
taxation the.amount of discount at which Treasury bills are
originally sold by the United States shall be considered to be
interest.
Under Sections 42 and 117 (a) (l) of the Internal Revenue
Code, as amended by Section 115 of the Revenue Act of 1941, the
amount of discount at which bills issued hereunder are. sold shall not
be considered to accrue until such bills shall be sold, redeemed or
otherwise disposed of, and such bills are excluded from consideration
as capital assets.
Accordingly, the owner of Treasury bills (other
than life insurance companies) issued hereunder need^ include in his
income tax return only the difference between the price paid for
such bills, whether on original issue or on subsequent purchase, and
the amount actually received either upon sale or redemption at
maturity during the taxable year for which the return is made, as
ordinary gain or loss.
Treasury Department Circular No. 4l8, as amended, and this
notice, prescribe the terms of the Treasury bills and govern the
conditions of their issue.
Copies of the circular may be obtained
from any Federal Reserve Bank or Branch.
oOo
- Ì 0 & IMMEDIATE RELEASE,
J.anuAryN3i^|Jie53_____
The? B ureau o f Custom s a im o u n c e < ^ ^ < ^ ^ j^ ^ l^ .]g iig ^ ry f i g u r e s showing th e
t i t i e s o f w heat and w heat f l o u r /E n te r e d , o r w ithdraw n from w areh o u se, f o r
consum ption under th e im p o rt q u o ta s e s t a b l i s h e d i n th e P r e s i d e n t ’ s p ro cla m atio n
o f May 2 8 , 191*1* a s m o d ifie d b y th e P r e s i d e n t ’ s p ro c la m a tio n o f A p r il 1 3 , 19l*2,
f o r th e 12 months commencing May 29* 1 9 5 2 , a s f o ll o w s :
Wheat
Country
of
Origin
EstablishedT s
Imports
Quota
:May 29, 1952, to
: January ld> 1953
(Bushels)
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
Uni ted Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist R e p u b l i c s
Belgium
794,576
-
795,000
-
mm
-
—
100
100
*100
75,000
**
-
5,000
5,000
mm
-
«*
1,000
-
100
-
'
mm
MM»
4M
m
m
mm
0
—
-
mm
mm
-
mm
-
mm
-
mm
-
**
-
1,000
100
100
100
100
BUUjUOO
13,000
m
m
mm
-
-
3,81^,000
2k *000
13*000,
8,000'
-
100
2,000
100
*
Wheat flour, semolina.,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
: May 29, 1952
•
t to January li*j
(Pounds)
(Pounds)
1,000
1,0001,000
1,000
H i, OCX)
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,219,126
MM»
•
-
m
m
44
m
■ - +m
m
m
m
m
m
m
m
**•
m
m
m
m
m
m
m
mm
m
mm
mm
mm
-
mm
mm
—
mm
mm
—
-#•
-
mm
mm
m
794,576
4 ,000,000
1 ,219,170
■
720
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Friday, January 16, 1953
S-3292
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour authorized to be entered, or withdrawn from
warehouse, for consumption under the import quotas established in the President’s
proclamation of May 28, 19Ul, as modified by the President’s proclamation of
April 13* 19U2, for the 12 months commencing May 29, 1952, as follows:
Wheat
Country
of
Origin
Established :
Imports
Quota
:May 29, 1952, to
:January 111, 1953
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
Mew Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established
Imports
Quota
¡May 29, 1952, to
j
January Ik, 1953
(Bushels)
(Eushels)
(Pounds)
(Pounds)
7 9 5 ,0 0 0
-
79k,576
3,815,000
ait,000
13,000
13,000
8,000
75,000
1,000
5 ,0 0 0
5 ,0 0 0
1,000
1,000
1 ,0 0 0
114,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
_
1,219,126
*
-
100
100
100
-
-
-
-
-
-
-
100
2,000
100
1,000
100
-
-
-
-
-
-
-
-
”
-
-
-
-
**
1,000
100
100
—
»
f-
hb
mm
mm
-
mm
-
mm
-
mm
100
100
•
-
mm
-
-
8 0 0 ,0 0 0
7 9 ^ ,5 7 6
-
,
h 0 0 0 ,0 0 0
1,219,170
4
J
/i
yt-
*?/ ' • ^ i ^ t r v#t-‘-/
/&&****
«**
■a•L2
*/*»«'"'*» f' .«J?
IMMEDIATE RELEASE
January ^ 4, 1953
it
The Bureau o f Customs announced to d a y p r e lim in a r y f i g u r e s showing th e
im p o rts f o r consum ption o f com m odities on which q u o ta s were p r e s c r i b e d by
th e P h ilip p in e T rade A ct o f 19U6, from Ja n u a ry 1, 1952, to December 31,
19^2, in c lu s iv e , a s fo llo w s:
products of the
Philippines
i
:
1
#
*
Established Quota
Quantity
Imports as of
December 31, 1952
*•
#
#
••n
#
Buttons # ..........
:
: Unit of
s Quantity
8 ^0 , 0 0 0
Gross
751*,2l*9
Cigars
20 0 ,0 0 0 ,0 0 0
Number
Coconut Oil • • • • •
UU8,000,000
Pound
119,21*6,953
Cordage ............
6 ,0 0 0 ,0 0 0
Pound
1*,505,399
RlC 8 # # • • • • • # #
i,o U o ,o o o
Pound
150
l,90li,000,000
Pound
(Refined
1,902,797
. • •
Sugars
1,61*7,927,728
(Unrefined . .
Tobacco • • • • • • •
6, 500,000
Pound
3,350,953
TREASURY DEPARTMENT
Y/ashington
IMMEDIATE RELEASE
Friday, January 16, 1953
S-3293
The Bureau of Customs announced today preliminary figures showing
the imports for consumption of commodities on which quotas were prescribed
by the Philippine Trade Act of 19lr6, from January 1, 1952, to December 31,
1952, inclu sive, as follows:
•
Products of the
Philippines
;
:
•
Established Quota
Quantity
•
• Unit of j
Imports as of
• Quantity : December 31* 1952
5
j
•
•
Buttons......... .. • •
850,000
«
Gross
7$b,2k9
Cigars...............
200,000,000
Number
Coconut Oil.*...... .
UU8,000,000
Pound
119,21*6,953
Cordage..............
6,000,000
Pound
1*,505,399
Rice..... ...........
1,0!|0,000
Pound
150
l,90ii,000,000
Pound
1,902,797
(Refined.....
Sugars
(Unrefined..•
Tobacco. •••••••.... .
1,61*7,927,728
6 ,500,000
Pound
3,350,953
IMMEDIATE RELEASE
January
1953
¡
Ut
4he Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff-rate quota limitations from the be
ginning of the quota periods to December 31* 1952, inclusive* as follows t
Commodity
period and Quantity
Unit
of
Quantity
V
Whole milk, fresh or.** * ( j - r * *
sour...... .......... Calendar year
Cream................
3,000,000
Gallon
23,UlU
1,500,000
Gallon
1,126
50, 000,000
Pound
2,61*9
31,1*72,108
Pound
Quota Filled
150, 000,000
7 9 8 ,9 0 a, 000
Pound
Pound
38,016,01*6
5, 000,000
Pound
Quota Filled
2,956,81*1,91*9
930,857,651
Gallon
Gallon
Quota Filled
Quota Filled
1,090,11*8,800
Gallon
Quota Filled
Calendar year
Nov* 1 ,
Inports as of
December 31, 1952
19?2^
Butter
March 31* 1953
Fish, fresh or frozen,
filleted, etc,, cod,
haddock, hake, pollock,
cusk, and rosefish ....
Calendar year
White or Irish potatoesr
certified seed «•••••••
other. •........ .
12 months from
Sept* 15* 1952
Walnuts..... •...... ••
Calendar year
Petroleum and petroleum
products......
Almonds :
shelled
prepared
Calendar year
Venezuela
Netherlands
Other
Countries
1 , 796, 1*08
12 months from
7 ,0 0 0 ,0 0 0
October 1, 1952
60, 579,905
Pound
218,386
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Friday» January 1 6 , 1953
724
S-329U
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within tariff-rate quota limitations from the be
ginning of the quota periods to December 31* 1952, inclusive, as follows:
Commodity
Whole milk, fresh or
sour*...............
Period and Quantity
Unit
of
Quantity
Imports as of
December 31, 1952
Cream.......e......c...... Calendar year
1 ,500,000
Gallon
1 ,12 6
5 0 ,000,000
Pound
2,6lt9
0
_
ro
t
2 3 ,m u
Vh-1
1i
VO
VJT.
Gallon
^«4
3 ,000,000
<S
, Calendar year
Butter
March 31, 1953
Fish, fresh or frozen,
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish.... .
Calendar year
.31, ¡472,108
Pound
Quota Filled
White or Irish potatoes:
certified seed........ .
other «
.........
12 months from
Sept. 15, 1952
1 5 0 ,000,000
798,900,000
Pound
Pound
60 ,579,90 5
3 8 ,016,046
Walnuts
Calendar year
5 ,000,000
Pound
Quota Filled
Calendar year
Venezuela
Netherlands
Other
countries
2,?56,8Ul,9U9
930,857,651
Gallon
Gallon
Quota Filled
Quota Filled
1,090,1)|8,800
Gallon
Quota Filled
Petroleum and petroleum
products................
Almonds :
shelled,.......... .
12 months from
1,796,1(08
7,000,000
prepared...... .........
October 1, 1952
Pound
218,386
-
2
-
COTTON WASTES
(in pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes'made from cottons of 1-3/16 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
Established
: TOTAL QUOTA
United Kingdom ........
Canada .............
France .................
British India .....-•....
Netherlands ............
Switzerland ............
Belgium ................
Japan .*................
China ..................
Egypt ................ .
C u b a ..... .............
Germany ................
I t a l y ......... ........
Imports
1/
: Established :
: Total imports
Sept.
20,
1952*
33-1/3* of :
: Sept. 20, 1952# to :
*
: Total Quota : to January 14* 1953
• January 14# 1953
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
607
211*091
13,111
6.430
25,443
7,088
5,482,509
280,972
1 ,599,886
1/ Included in total imports, column 2.
Prepared by the Bureau of Customs
8,964
15,715
m1
mm
«*
1,441,152
75,807
22,747
14,796
12,853
-
m
m
13*111
m
15,7x5
•
m
am
m
m
25,054
m
-
mm
mm
25,054
6,430
______ 60»31q ________
LDNaWÆtiVdHCr
ahqstoiæ
Cotton under 1-1/8 inches other than rough or harsh under
Imports Sept. 20. 1952« to January 14. 1953« inclusive
Country of Origin
Established Quota
Egypt and the AngloEgyptian Sudan ....
Peru
.... .
British India ......
China ..............
Mexico ......... .
Brazil ......... .
Union of Soviet
Socialist Republics
Argentina ..........
Haiti ...............
Ecuador .............
783,816
247,952
2,003,483
1,370,791
8,883,239
618,723
475,124
5,203
237
9,333
Imports
587
m
5,972,663
•e
1,382
Country of Origin
3/Un
Established Quota
Honduras .............
Paraguay ...... .......
Colombia ..................
Iraq ....... i.... .
British East Africa ...
Netherlands E. Indies
Barbados .. i ...... .
l/Other British W. Indies
Nigeria . . . t ..........
2/0ther British W. Africa
¿/Other French Africa ...
Algeria and Tunisia ...
Imports
752
871
124
195
2,240
71,388
21,321
5,377
16,004
689
-
1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
2/ Other than Gold Coast and Nigeria.
2J Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4”
Imports Sept. 20. 1952« to January 3» 1953
Cotton 1-1/8* or more, but less than 1-11/16*
Imports Feb. 1. 1952« to January 12, 1953
Established Quota (Global)
Established Quota (Global)
70,000,000
Imports
3,397,639
45,656,420
Imports
Quota Filled
**jfr
m
mm
mm
fit»
«n
m»
mm
«£»
g-svaisra sxviamni
TREASURY DEPARTMENT
Washington
IMMEDIATE RELEASE
Erlday, January l6, 1955
s—ypnc
I
Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas
established by the President's Proclamation of September 5 , 1939 , as amended
COTTON (other than 1inters) (in pounds)
Cotton under 1-1/8 inches other than rough or harsh under 3 /4»
Imports September 20, 19*2. to January 14. 195^. inclusive
Country of Origin
Established Quota
Egypt and the Angloigyptian Sudan......
Peru.................
British India........
China................
Mexico...............
Brasil...... ........
Union of Soviet
Socialist Republics*
Argentina............
Haiti............... .
Ecuador..............
1/
2/
À/
783,816
2U7.952
2 ,003 ,1:33
■} 770 V/Cy-*il
8 ,883,259
618,723
475,124
5,203
Imports
Established Quota
Imports
752
871
124
195
2,240
71,388
-
Honduras
Paraguay...... .......
587
5 ,972,663
1 ,38 2
-J (
9,333
Country of Origin
—
Iraq......... .......
British East Africa....
Netherlands E. Indies..
—*
2 1 ,3 2 1
1/Other British V. Indies
Nigeria......... .
2/0ther British W. Africa
¿/Other Prench Africa...•
Algeria and Tunisia... •
5,377
-
16,004
689
—
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Cold Coast and Nigeria*
Other than Algeria, Tunisia, and Madagascar.
Cotton, harsh or rough, of less than 3/4"
Imports Sept. 20 , 19>2 , to January 3» 1953
Established Quota (Global)
70,000,000
Imports
3,397,639
Cotton 1-1/8" or more, but less than 1-11/16"
Imports Eeb. 1 , 1952, to January 12 , 1953
Established Quota (Global)
Imports
45,656,420
Qpota Pilled
'
727
2
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER
WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE
ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall
be filled by cotton wastes other than comber wastes made from cottons of 1 -3 /1 6 inches or more
in staple length in the case of the following countries: United Kingdom, France, Netherlands,
Switzerland, Belgium, Germany, and Italy:
Country of Origin
Established
: TOTAL QUOTA
United Kingdom.... . ..*
Canada.............
France.............
British India..........
Netherlands
Switzerland
Belgium......... .
Japan....... ..........
China..................
Egypt.................
Cuba. .....•••••..... .
Germany................
itsly
l/
1*,323,1*57
239,690
227,U20
69,627
68,21*0
U*,388
38,559
31*1,535
17,322
8,135
Total imports
:
Sept. 20, 19^2, to :
January lU, 1993
s
607
211,091
13,111
8,961*
1 5 ,7 1 5
76,329
21,263
25,051*
6 ,1*30
5,1*82,509
280,972
6} 5hh
In c lu d e d i n t o t a l im p o r ts , column 2 *
P re p ared by th e Bureau o f Customs
Established
33-1/356 of
Total Quota
1,1*1*1,152
75,807
22 ,71*7
11*,796
12,853
-'
—
—
25,1*1*3
Imports
1/
Sept. 20, 1992,
to January ll*, 1993
—
—
13,111
—
19,719
—
—
**
—
—
25 ,051*
7,088
6,1*30
1,599,886
60,310
TR EA SU R Y
D EPARTM EN T
Information Service
Wa s h i n g t o n ,
d .c
32-
RELEASE MORNING NEWSPAPERS,
During the month o f "Novembepy 1952
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
4 ^=5=5=6967^^7
Secretary Snyder announced
today.
0 O0
.
729
RELEASE MORNING NEWSPAPERS,
Monday, January 19, 1953.
During the month of December,
S-3296
1952
market transactions in direct and
guaranteed securities of the Government
for Treasury investment and other
accounts resulted in net purchases of
$8,238,200.00,
Secretary Snyder announced
today.
0O0
V --"J
/
RELEASE MO&KBiG SESSPAFERS*
Saturday, January 17, 1953»
The secretary of the Treasury announced last evening that the tenders for
§1,1*00,000,000, or thereabouts, of 91-day Treasury bills to be dated January 22 and to
mature April 23, 1953, which were offered on January 13,
v&re opened
at the Federal
Reserve Banks on January 16,
The details of this issue are as followss
Total applied for - $2,127,31*0*000
Total accepted
- 1,1*00,603,000
Average price
(includes $21*0,13?,000 entered on a
non-eompetitiva basis and accepted in
full at the average price shown below)
Equivalent rate of discount approx, 2.097$ P®r annua
- 99
Range of accepted competitive bidet
High
- 99,520 Equivalent rate of discount approx. 1.899$ per annum
Lear
- 99.1*61
*
»
«
*
*
2,120$
»
(52 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Hew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
TOTAL
3 ^ ,8 6 0 ,0 0 0
1,1*8 6 ,1 2 2 ,0 0 0
3 6 ,1 2 6 ,0 0 0
6 3 .9 3 8 .0 0 0
1 6 .6 8 8 .0 0 0
2 1 .3 5 8 .0 0 0
21*3,767,000
5 2 .5 8 8 .0 0 0
10,571*, 000
ia,85o,ooo
53,21*1*,ooo
6 5 ,2 2 5 ,0 0 0
*2 ,1 2 7 ,3 1 *0 ,0 0 0
Total
Accepted
i
29,9 l»0 ,0 0 0
8 5 6 .7 7 6 .0 0 0
17,61*6,000
61,1*2*2,000
11*, 11*8,000
2 0 ,5 5 8 ,0 0 0
1 9 1 .8 8 7 .0 0 0
1*7,338,000
10,571*. ooo
3 6 .6 9 5 .0 0 0
50,591*, ooo
63. 005.000
11,1*00,603,000
«
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C .
RELEASE MORNING NEWSPAPERS,
Saturday, January 17.1953.
S-3297
The Secretary of the Treasury announced last evening that the
tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills
to be dated January 22 and to mature April 23* 1953* which were
offered on January 13* were opened at the Federal Reserve Banks on
January 16.
The details of this issue are as follows:
Total applied for - $2*127,340,000
Total accepted
- 1,400,603*000 (includes $240*139*000
entered on a non-competitive
basis and accepted in full at
the average price shQwn
below)
Average price
- 99.470 Equivalent rate of discount approx.
2.097$ per annum
Range of accepted competitive bids:
High
99.520 Equivalent rate of discount approx,
1.899$ per annum
99.464 Equivalent rate of discount approx,
2 . 120$ per annum
Low
(52 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Applied for
$
TOTAL
3 5 , 8 6 0 ,0 0 0
1,486,122,000
36 .126.000
63 .938.000
16 .688.000
21 .358.000
243 ,767,000
52 .588.000
10 .574.000
41 .850.000
53.244.000
Total
Accepted
$
29,940,000
8 5 6 .7 7 6 . 0 0 0
17.646.000
61.442.000
14.148.000
20.558.000
191.887.000
65.225.000
47.338.000
10.574.000
36.695.000
50.594.000
63.005.000
$2,127,340,000
$1,400,603,000
—
X
broadcast radio warnings of the operations of the gang.
The Export-Import Bank of Washington has collection, remittance
and money-transfer relationships with a number of banks in New York
and elsewhere, but in no instance/ does the Export-Import Bank disburse
funds from these accounts.
The Export-Impofct Bank Act of 1945 created the Export-Import
Bank of Washington as an independent agency of the United States of
9
It does a general banking business within specific limitations.
Its
capita 1 of one billi^i dollars was subscribed by the United States
through the Secretary o f t h e Treasury.
Agency banks^have been notified of this fraud, as it is expected
that the forgers have as u p p l y Of printedr ehEek: blaitfc checks which they will try to negotiate for large sums in other European cities.
■
The..single check for #20,000 was drawn November 5, 1952, payable to
the order of one Luis Penalver Sanz, and carried the m m endorsement
.
. u
,
TJ_
_ . , As in the case of the other checks,
of Kuaz & Weyeneth Bankers, Ltd., Zurich. ^Payment was refused by the
Bank of the Manhattan Company because the signatures were unknown
and there was no authority to ray
O
has been thrown across
Europe to trap a gang of forgers i M n a whose bold maneuvers
ikXVwA'ifc*
\
have netted them zam ky $60,000 through the fraudulent negotiation
1^ w
An international police dragnet &
-
^
of 12 bogus checks purporting to be drawn on the Export-Import
Bank of Washington, according to U. E* Baughman* Chief of the
U. S. Secret Service.
The checks ranged in amount from $1,000 to $20,000 and
were «Me cashed in Switzerland, Spain,
Portugal, Chief Baughman said.
Germany and
The cheeks carry the printed heading,
»EXPORT-IMPORT BANK OF WASHINGTON, Washington 25, D. C*".
The
line for the name of the payee is prefixed by the printed script
words, "Pay to the 9KL Order of (duplicate unpaid)".
Printed titles
of the ate officials purporting to sign the checks are shown as
"Manager" and »Acceuntant,M but the signatures above the titles are
undecipherable.
In the lower lei% corner of each check is the
printed inscription, "Bank of the Manhattan Co. 40 Wall Street,
New York, N. I. Lit Moore Bros."
numbered N 24668,
The first check to appear was/dated August 12, 1952^a*d / 7
wasTpayable to "Charles J. Fielding," for $4,800. It bore an
A
^endorsement of the Credit Suisse, Basle, to the Baric of the Manhattan
Company.
ir
The 12 eheek^ reeeived .to date total ,$56,300. 7
^
^
s* * * r
The Secret Service promptly raquM&ea an investigation by
^
-
j
/
^
the Treasury Represent st ive stationed in Paris , and kb ii^MWpgaaaA^Mini
rpeUcerto'S^^erlaaad.'saad other European countries hxxxksxst
are making intensi^ u e s f f c tlua» to track down the forgers. The International
Criminal Police Commission! Paris(TlnterpolTTV"of which the Treasury Department
is a member, has notified its representatives t h r o u g h o u t ^ u r o p e _ a ^ _ ^
TR EA SU R Y
D EPARTM EN T
Information Service
WASHINGTON, D .C .
734
IMMEDIATE RELEASE,
Friday, January io, 1953*
S-3298
An international police dragnet has been thrown a,cross Europe
to trap a gang of forgers whose bold maneuvers may have netted them
as much as $60,000 through the fraudulent negotiation of 12 bogus
checks purporting to be drawn on the Export-inport Bank of
Washington, according to U, E. Baughman, Chief of the U*S* Seciet
Service.
The checks ranged in amount from $1,000 to $20,000 and were
cashed in Switzerland, Spain, Germany and Portugal,
said.
The checks carry the printed heading,
EXPORT-IMPORT BANK OF
WASHINGTON, Washington 2 5 , D . C.".
The line f o r the name of the
payee is prefixed by the printed script words,
Pay to the Order of
(duplicate unpaid)“ . Printed titles of th e tofficials purporting to
sign the checks are shown as Manager and Accountant,
but the
signatures above the titles are undecipherable.
In the lo^er leit
corner of each check is the printed inscription.
Bank of
Manhattan Co. 40 Wall Street, New York, N. Y. Lit Moore Bros.
then
The first check to appear was numbered N 24668, and was dated
August 12, 1952.
It was made payable to Charles J. Fielding,
for
$4,800.
It bore an endorsement of the Credit Suisse, Basle, to the
Bank of the Manhattan Company.
The 12 checks received to date total
$58,300.
They were turned over to the U.S. Secret Service after
being sent to New York banks for clearance.
The Secret Service promptly requested an investigation by the
Treasury Representative stationed in Paris, and police in Swi gerland
and other European countries are making intensive efforts to track
down the forgers.
The International Criminal Police Commission,
(Interpol), Paris, of which the Treasury Department is a member, has
notified its representatives throughout Europe and has broadcast
radio warnings of the operations of the gang.
The Export-Import Bank of Washington has collection, remittance
and money-transfer relationships with a number of banks in New York
and elsewhere, but in no instance does the Export-Import Bank
disburse funds from these accounts.
735
-
2
-
The Export-Import Bank Act of 19^-5 created the Export-Import
Bank of Washington as an independent agency of the United States of
America.
It does a general banking business within specific
limitations.
Its capital of one billion dollars was subscribed by
the United States through the Secretary of the Treasury.
Agency banks of the Export-Import Bank have been notified of
this fraud, as it is expected that the forgers have a supply of
printed blank checks which they will try to negotiate for large sums
in other European cities.
A check for $20,000 was drawn November 5.» 1952, payable to the
order of one Luis Penalver Sanz, and carried the endorsement of
Kunz & Weyeneth Bankers, Ltd., Zurich.
As in the case of the other
checks, payment was refused by the Bank of the Manhattan Company
because the signatures were unknown and there was no authority to
pay them.
oOo
@FedFRASER